Cannabis sales and related activities generated $1.9 billion for the provincial and federal governments in the year ending March 31, 2023. This marked a 24.4% increase from the previous year – including net income from provincial cannabis authorities, excise taxes, retail sales taxes, specific taxes, and licenses and permits.
The Canadian cannabis market saw a 59% sales increase in inhaled cannabis extracts. It reflected the evolving consumer preferences and rising demand for concentrates. Let’s explore why the best extracts online Canada at the best online dispensary interest Canadians.
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Canadian cannabis Market Sales
Canadians purchased $4.7 billion worth of cannabis from provincial authorities and retail outlets, a 15.8% increase ($600 million) from the previous year. cannabis sales grew the most in Manitoba (+23.7%), while New Brunswick saw the biggest decline (-0.4%).
On average, Canadians of legal age spent $150 per person on cannabis in the last fiscal year, up from $132 the previous year. Yukoners spent the most at $314 per person, while Quebecers spent the least at $88 per person.
The average amount of dried cannabis purchased per Canadian rose slightly from $94 to $97 per person, and inhalable extracts increased from $24 to $37 per person. The sales of cannabis concentrates are somewhat growing from the previous year.
Inhaled Extracts on the Rise
While dried cannabis remained the most popular product, its market share fell from 71% in 2021-2022 to 64.9% in 2022-2023. cannabis concentrates and vapes gained popularity – driving a 59% increase in inhaled extract sales. It contributed $405 million to the $600 million sales growth.
| Provinces | Dried Flowers | Inhaled Extracts | Edibles | Beverages | Other |
| Alberta | 58.6 | 32.5 | 4.6 | 1.3 | 0.4 |
| New Brunswick | 54.4 | 30.8 | 7.8 | 2.0 | 1.1 |
| British Columbia | 58.8 | 28.0 | 5.7 | 1.7 | 1.2 |
| Newfoundland and Labrador | 70.0 | 14.4 | 7.8 | 1.6 | 0.6 |
| Prince Edward Island (PEI) | 73.6 | 9.5 | 5.0 | 1.5 | 5.9 |
- Newfoundland and Labrador, which began selling cannabis vape pens in 2022, saw a 307% increase in inhaled extract sales, while PEI saw a 144.7% rise.
- Alberta led the country with inhaled extracts making up 32.5% of total sales, followed by New Brunswick at nearly 31%.
The market share of cannabis extracts grew from 18.1% to 24.9% in 2022-2023. Sales of most cannabis products increased, except for topicals, seeds, and other products, which dropped from $52.7 million to $21.1 million.
| Products | 2021-2022 | 2022-2023 |
| Total cannabis Product Sales | 4,027,928 | 4,663, 876 |
| Dried Cannabis | 2,861,838 | 3,026,970 |
| Inhaled cannabis Extracts | 728,178 | 1,159,209 |
| Ingested cannabis Extracts | 158,283 | 170,325 |
| Solid cannabis Edibles | 166,336 | 211,223 |
| Cannabis Beverages | 59,556 | 75,004 |
| Topicals, Seeds, and Other cannabis Products | 52,737 | 21,145 |
Canadian cannabis authorities reported $3.6 billion in sales, with costs of $2.8 billion that yielded a gross profit of $796.6 million. After expenses, the net income was $428.4 million. Total taxes and other revenue from recreational cannabis reached $1.5 billion, with federal excise duties at $227 million and provincial/territorial excise taxes at $711 million.
Factors Contributing to the Sales Spike
Cannabis concentrates are steering the market in a new direction, driven by the emergence of new customers and the desire for novel, potent experiences. Beyond customer preferences, several other factors contribute to the growing demand for extracts.
Changing Consumer Preferences
As the cannabis market matures, consumers are seeking more potent and efficient methods to consume cannabis. Customers in the Gen Z age group tend to spend about three times more on concentrate products than customers in the Baby Boomer generation.
Inhaled extracts, such as vape pens and concentrates, provide a faster onset of effects and higher potency than a traditional dried flower. This shift in preference towards stronger and more immediate experiences has driven the demand for inhaled extracts.
Product Innovation and Variety
The introduction of new and diverse cannabis extract products has significantly boosted sales. Companies continually develop innovative products, such as live resin, shatter, wax, and vape cartridges, which offer different flavours, aromas, and potencies. This variety appeals to new and experienced users seeking specific effects and experiences.
Increased Accessibility and Availability
The accessibility of cannabis extracts has improved significantly, with more online dispensaries and brick-and-mortar stores offering a wide range of products. Provinces like Newfoundland and Labrador, which recently started allowing sales of vape pens. This contributed to the increased availability of these products across the country.
Marketing and Consumer Education
Effective marketing campaigns and consumer education efforts have raised awareness about the benefits and uses of the best cannabis extracts. Information on the advantages of extracts, such as higher THC content, discreet consumption methods, and versatility, has helped consumers make informed choices that lead to increased sales.
Health and Safety Perceptions
Inhaled extracts, especially vape pens, are perceived as a healthier alternative to smoking dried cannabis. Vaping is seen as less harmful to the lungs, produces less odour, and is a more discreet method of consumption. This perception has attracted health-conscious consumers who prefer vaping over traditional smoking.
Economic Factors
Due to their higher potency, extracts are often more cost-effective in the long run. A small amount can provide the desired effects and reduce the frequency of purchases. Bulk buying options and competitive pricing from online dispensaries offer better value for money.
Technological Advancements in the Extraction Method
Advancements in extraction technology have improved the quality and consistency of cannabis extracts. Modern extraction methods, such as CO2 and solventless techniques, ensure high purity and potency that attracts consumers seeking reliable and high-quality products.
Retailer Strategies and Promotions
Retailers have implemented strategic promotions and discounts to attract customers to cannabis extracts. Limited-time offers, bundle deals and loyalty programs incentivize consumers to purchase these cannabis products.
Best Extracts Online Canada
Cannabis extracts, also known as cannabis concentrates, are potent forms of cannabis where all the cannabinoids and terpenes are present while removing other cannabis plant materials. These extracts come in various forms and are known for their high THC content and purity. You can consume them using a dab rig and vaporizer or add them to a joint and make them edible.
| Feature | Premium Shatter – Acapulco Gold | Budder White Widow | Full Melt Hash – Chiquita Banana |
| Strain Type | Sativa | Sativa | Balanced Hybrid |
| Effects | Motivating, Energizing | Creative, Euphoric, Uplifting | Euphoric, Giggly, Relaxing |
| Description | Rare and highly esteemed strain. Ideal for daytime use. | Sweet tropical fruity flavour with a lightly spicy flowery exhale. | Suffering from chronic pain or nausea. |
Buy My Weed Online Canada: Home to Innovative cannabis Extract Selections
Buy My Weed Online Canada is your destination for a wide variety of cannabis concentrates and extracts, from classic hash to modern forms like shatter. We have diversified our selection to ensure you can find the perfect concentrate for the recreational experience you desire or the medical benefits you seek.
Our online dispensary goes beyond offering high-quality products. We respond to your queries and provide educational resources to help you make informed choices. All packaged discreetly, your orders will be safe and private.
Frequently Asked Questions
What is the difference between an inhaled vs. ingested cannabis extract?
Inhaled cannabis extracts, such as vapes and concentrates, deliver cannabinoids directly to the bloodstream by the lungs. The inhalation leads to rapid onset of effects within minutes. This method allows for precise dosage control and quick relief from symptoms like pain or anxiety.
Ingested cannabis extracts, such as edibles and oils, are absorbed through the digestive system. Ingestion results in a delayed onset of effects, which takes 30 minutes to 2 hours. The effects of ingested cannabis last longer and can be more intense due to the liver converting THC into a more potent form.
What are the medical benefits of inhaled cannabis extracts?
People buy concentrates for recreational use, but inhaled cannabis extracts offer significant medical benefits due to their potency, rapid effect, and diverse cannabinoids.
- Effective for chronic, neuropathic, and arthritis pain.
- Provides quick relief for anxiety and stress.
- Aids in insomnia and sleep quality.
- Beneficial for chemotherapy patients and chronic gastrointestinal conditions.
- Helps with appetite loss from conditions like cancer and HIV/AIDS.
- Relieves muscle spasms and spasticity in conditions like multiple sclerosis.
- Reduces seizure frequency and severity, particularly in epilepsy.
- Relieves symptoms of depression, PTSD, and other mood disorders.
- Beneficial for neurodegenerative diseases like Alzheimer’s and Parkinson’s.
What are the different concentrates and extracts?
- Shatter: Known for its glass-like appearance and high potency.
- Wax: Soft, malleable texture with strong effects.
- Live Resin: Extracted from fresh plant material for a robust terpene profile.
- Crumble: Dry, crumbly texture, easy to handle and use.
- Hash: Traditional form, made by compressing the resin of the cannabis plant.
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