Report: CBD could spark booming market in Canada if it’s legalized for health products

CBD has “significant potential for growth” in Canada if the government were to allow the cannabinoid in natural health products, a think-tank predicts.

A report released this week by the Canadian Health Food Association estimated the CBD market in Canada at CAD $1.9 billion ($1.44 million), with immense potential for exporting CBD to other countries.

Currently it is illegal to bring non-prescription CBD health products into Canada’s marketplace. But if the country were to do so, the Institute of Fiscal Studies and Democracy estimates that Canada could get a huge windfall.

“We have seen reports on the size of the CBD market in other jurisdictions, like the United States or the United Kingdom,” said Dan Demers, Vice President of Government Relations and Regulatory Affairs at CHFA.

“But we want to be able to show key decision makers the size of the potential CBD health product market here in Canada, contingent upon a change in regulation.”

The group projected that legal changes allowing CBD in Canada would lead to a market worth CAD $2.45 billion ($1.86 billion) by 2023.

2 comments on “Report: CBD could spark booming market in Canada if it’s legalized for health products
  1. Helton on

    Canada is to stupid and has missed the boat on this, the prices of raw materials and lack of proper hemp strains available has left this country behind the 8 ball. A kilo of isolate is 6=12,000$ and its 550 a kilo i. The states, how can we even compete with that. Then think about the producers in the southern hemisphere, the cost of growing is peanuts and the product is in the mid 20% cbd. Canadian hemp farmers are lucky to get a consistent 8% cbd.

    In essence the Canadian govt has shit the bed and left an industry to flounder.

  2. ThereWasaGuy on

    IMHO there is lack of dedicated lobbyists in Canada and sheep rush since 90s after higher and higher THC. CBD is fine but around the corner are CBG and next, still not thoroughly studied cannabinoids.
    What about politicians in Canada? are they open for discussion?
    here in Poland it is quite odd, that biggest changes in hemp industry allowed most conservative party you can imagine… If they allow 4 plants per house for free grow, they have my vote 🙂

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