VFF - A Flavor Hunter's Paradise Canada's Vape Market Skyrockets As Weed Industry Titans Cash In | Benzinga
Pablo Zuanic, senior analyst at Zuanic & Associates delves into Canada's cannabis vape market, looking at its diversity and growth driven by evolving consumer preferences and regulatory shifts.
Highlighting companies like Auxly (OTC: CBWTF), Decibel (TSXV: DB) (OTC: DBCCF), and Tilray (NASDAQ: TLRY), the report reveals the sector's complexity with a focus on the vape segment's 15% year-over-year sales increase and the significant market share dynamics among key players.
Market Reshuffle And Growth
The Canadian vape market witnessed a year-over-year reshuffling among top companies, driven by their responsiveness to consumer demands such as larger 510 cartridge formats, disposables, closed-loop systems and live resin cartridges.
Despite these shifts, the top five players - including publicly listed Auxly, Decibel and Tilray as well as private companies Ayurcann and Motif - maintained a dominant 53% market share in Q4 2023, nearly stable compared to 55% in Q4 2022.
The vape segment itself has shown remarkable growth with sales up 15% year-over-year in Q4 2023, outpacing the overall market.
Specifically, 510 cartridges remain the most popular format, accounting for 77% of sales, followed by disposables at 12%.
However, the ...