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CAN: Cannabis sales to hit $3.16B in 2020 despite slower growth

Revenue in Canada’s cannabis sector is forecasted to more than double next year despite slower-than-expected growth, according to a leading industry analyst.

Canaccord Genuity analyst Matt Bottomley said in a research note to client that Canada’s cannabis industry should expect $3.16 billion in revenue in 2020, up from the $1.46 billion forecast for 2019.

“As retail dispensaries continue to roll out and new product forms under ‘Cannabis 2.0’ are set to hit the shelves as early as mid-December, we believe the sector will see significant growth in 2020,” Bottomley said.

“However, as additional capacity comes on line and competition among producers intensifies, we believe the proportion of the market opportunity captured by [licensed producers] will face headwinds in addition to the likelihood of some degree of unforeseen logistical hurdles in rolling out the next leg of the industry.”

Read more at bnnbloomberg.ca

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