Later thisyear another large legal cannabis market will open up, with the lifting ofprohibition on edibles and extracts in Canada. Following in the footsteps oflarger markets, such as California,Canada is about to experience aheavier strain on supplies , as producers struggle to meet demand, particularly with the capabilityto yield extracts needed for these new products. Several companies already inthe business of edibles and/or extracts have led the way through their exampleof how to prepare for delivering for these markets, such as Plus Products Inc. (OTC:PLPRF)(CSE:PLUS), MediPharm Labs Corp. (OTC:MEDIF) (TSX.V:LABS), Valens GroWorksCorp. (OTC:VGWCF) (CSE:VGW), Neptune Wellness Solutions Inc. (NASDAQ:NEPT)(TSX:NEPT), and Trulieve Cannabis Corp. (OTC:TCNNF) (CSE:TRUL).
Expectationson the alternative cannabis products market (drinks, edibles, and topicals) is very high, with Deloitte recentlypredicting themarket’s worth to reach as much as$2.7 billion annually .
Already, theexample of success is in California, where edibles are surging, led by
innovatorssuch as Plus Products Inc. (OTC:PLPRF) (CSE:PLUS), whose proprietary infusedgummies aredominating the state’s ediblesmarket . Californiais the largest cannabis market in the world, and according toArcviewMarket Research /BDS Analyticsisprojected to be $5.6B of retail sales in 2022.
California’s cannabis market is rapidly shifting towardsmanufactured products. This demand shift requires significant amounts ofcannabis oil for products that include vapes, concentrates, and