Canada famously legalised the recreational use of Cannabis across the whole country at the end of 2018. The move sent ripples across the globe, as an increasing number of countries have begun to consider Cannabis reforms.
These ripples could be seen to have an impact of varying significance. In the UK, Cannabis-based medical products were finally rescheduled, and some MPs predicted future legalisation.
Other countries – Luxembourg and parts of Australia – followed suit in announcing that recreational use would be legalised. New Zealand also announced that a referendum concerning the legalisation of Cannabis would take place in 2020.
Yet, some might be surprised to learn that up until now, Cannabis products such as skincare and beverages remain illegal in Canada. The country’s current Cannabis laws do not include the production, sale or consumption of CBD or THC-infused topicals, edibles, or extracts.
When Will Cannabis 2.0 Happen?
But this is soon to change. A second wave of legislation, referred to as ‘Cannabis 2.0’, is set to legalise these products from the 17th October 2019. This new wave of legislation has already encouraged a number of companies to develop suitable ranges of topicals, extracts and, edibles for the new market.
However, despite the law coming into effect in October, it is likely that products won’t go on sale until December. This is down to a six-week licensing application process, which companies must first complete for their products.
Tilray, the parent company of Budweiser and largest brewing company in the world, is among the larger companies ready to take advantage of the launch of Cannabis 2.0. Their range, which could launch early on in the new market, includes CBD-infused beverages. The company also plans to bring THC-infused options to the market, but these are still under development.
A study by Deloitte has revealed the market potential of this new wave of products. Through surveys and questionnaires, it has been found that the market for alternative Cannabis products could be worth C$2.7 billion. C$1.6 billion of this is expected to be made up of extract-based products, such as edibles and beverages, alone.