Some promising and disappointing news this week about the 2020 outlook for the Canadian cannabis market.

Firstly, 2.0 products – edibles, beverages etc. – accounted for 12% of January’s cannabis sales, according to RBC Capital Markets.

This seems fairly high to my unacquainted eye. Recall, 2.0 legalisation occurred in October 2019 but the first products hit the street in  late December, early January, and on a limited basis.

Beverages only rolled out in March, so the 12% relates to a few chocolates, chewies and teas, and the word on my street was that only chewies hit the mark.

Still, if it is true, then opening up the 2.0 front seems promising…oh, but then all the analysts have reduced their market size outlook for 2020. One step forward, one back.

The COVID crisis complicates the forecasts as we had both a flood of ordering before quarantining; and the subsequent retreat as stores were forced to close and then allowed to re-open.

There are few green shoots of recovery visible. It might be that COVID cover is exactly what the industry needs, so that it can try to right the ship while everyone is suffering / looking the other way.

This Much We Know.