Cannabis Flower? No, Thanks: Canadians Shift To Pre-Rolls & Vapes As Market Eyes C$5.47B
Cannabis Flower? No, Thanks: Canadians Shift To Pre-Rolls & Vapes As Market Eyes C$5.47B
The latest equity research report from Pablo Zuanic of Zuanic & Associates highlights key trends in Canada's cannabis market, noting a deceleration in recreational sales growth.
Zuanic & Associates的巴勃罗·祖安尼克的最新股票研究报告强调了加拿大大麻市场的主要趋势，指出娱乐销售增长减速。
Data from StatCan reveals that sales for 2Q24 were down 4% year-over-year (YoY), contributing to a 1.3% decline year-to-date (YTD) compared to 14% growth in 1H23. In contrast, Hifyre data shows a 6% YTD growth through August.
StatCan的数据显示，24年第二季度的销售额同比下降了4％，导致年初至今（YTD）下降了1.3％，而23年上半年的增长率为14％。相比之下，Hifyre的数据显示，截至8月，年初至今增长了6％。
If annualized, this growth would project a total recreational market size of C$5.47 billion for calendar year 2024, translating to US$102 per capita.
如果按年计算，这一增长预计2024日历年度的娱乐市场总规模将达到54.7亿加元，相当于人均102美元。
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Market Share Shifts Among Top Players
顶级参与者的市场份额变化
Zuanic's report highlights notable shifts in market share among the top licensed producers (LPs). Tilray (NASDAQ:TLRY), once a dominant player, saw its share drop by 1.5 percentage points to 9.6% in August, continuing its decline over recent quarters. Decibel (TSXV:DB) also experienced a decline, dropping 0.9 percentage points to 5.2%.
Zuanic的报告强调了顶级许可生产商（LP）市场份额的显著变化。曾经占主导地位的蒂尔雷（纳斯达克股票代码：TLRY）的份额在8月份下降了1.5个百分点至9.6％，持续了最近几个季度的下降。分贝（多伦多证券交易所股票代码：DB）也出现了下跌，下降了0.9个百分点至5.2％。
Meanwhile, Village Farms (NASDAQ:VFF) experienced strong growth, increasing its market share to 7.9%, up from 6.1% a year ago, representing a 34% year-over-year growth. Similarly, Cronos (NASDAQ:CRON) and Organigram (NASDAQ:OGI) posted gains, with Cronos maintaining a steady 5.3% share (up 24% YoY), and Organigram growing its market share to 7.2%, up from 6.6% a year ago, reflecting 15% (YoY) growth.
同时，乡村农场（纳斯达克股票代码：VFF）经历了强劲的增长，其市场份额从去年同期的6.1％增加到7.9％，同比增长34％。同样，克罗诺斯（纳斯达克股票代码：CRON）和Organigram（纳斯达克股票代码：OGI）也公布了涨幅，其中克罗诺斯保持了稳定的5.3％的份额（同比增长24％），而Organigram的市场份额从去年同期的6.6％增长至7.2％，反映了15％（同比）的增长。
Additionally, Auxly (OTC:CBWTF) and Cannara Biotech (unlisted) gained 0.5 points each, reaching 5.2% and 3.4% market shares, respectively.
此外，Auxly（场外交易代码：CBWTF）和坎纳拉生物科技（非上市）各上涨0.5点，分别达到5.2％和3.4％的市场份额。
Here is a breakdown of the major players:
以下是主要参与者的明细：
- Village Farms: sales grew +34% YoY, holding a 7.9% market share in August (up from 6.1% a year ago).
- Cronos: +24% YoY growth in sales, maintaining a 5.3% share, consistent with previous quarters.
- Organigram: +15% YoY growth in sales, with a market share of 7.2% in August, up from 6.6% a year ago.
- Tilray: -20% YoY decline in sales, with a 9.6% market share in August, down from 10.1% earlier in the quarter.
- Decibel: -25% YoY decline in sales, holding a 5.3% market share, down from 7.4% a year ago.
- 乡村农场：销售额同比增长34％，8月份市场份额为7.9％（高于去年同期的6.1％）。
- Cronos：销售额同比增长24％，保持5.3％的份额，与前几个季度持平。
- 组织结构图：销售额同比增长15％，8月份的市场份额为7.2％，高于去年同期的6.6％。
- 蒂尔雷：销售额同比下降20％，8月份的市场份额为9.6％，低于本季度初的10.1％。
- 分贝：销售额同比下降25％，市场份额为5.3％，低于去年同期的7.4％。
Format Preferences Continue To Evolve
格式偏好不断发展
The Canadian cannabis market is shifting towards newer product formats, with some segments outperforming others. Flower remains the largest category, accounting for 36% of sales in June-August 2024, down from 41% in 1Q23 and 57% in 1Q21. This decline reflects changing consumer preferences, as pre-rolls and vapes gain market share.
加拿大大麻市场正在向更新的产品形式转变，其中一些细分市场的表现优于其他细分市场。花卉仍然是最大的类别，占2024年6月至8月销售额的36％，低于23年第一季度的41％和21年第一季度的57％。这种下降反映了随着预卷和电子烟市场份额的增加，消费者偏好的变化。
Pre-rolls now represent 34% of total sales, up from 27% in 1Q23 and 17% in 1Q21. The segment grew 11% year-over-year (YoY) in the June-August period, driven by consumer demand for convenience. Decibel leads with a 10.4% share, though it fell to 9.7% in August. Tilray holds 8.3%, and Organigram has 6.4%.
预售卷现在占总销售额的34％，高于23年第一季度的27％和21年第一季度的17％。受消费者对便利需求的推动，该细分市场在6月至8月期间同比增长了11％。分贝以10.4％的份额领先，尽管在8月份跌至9.7％。蒂尔雷持有8.3％，Organigram持有6.4％。
Vapes account for 16% of sales, up from 15% in 1Q22 and 14% in 1Q21, supported by 8% yoy growth. Motif Labs leads with 20.6%, followed by Auxly (OTC:CBWTF) at 12.4%, up from 10.7% in 2Q24.
电子烟占销售额的16％，高于22年第一季度的15％和21年第一季度的14％，这得益于8％的同比增长。Motif Labs以20.6％领先，其次是Auxly（场外交易代码：CBWTF），为12.4％，高于24年第二季度的10.7％。
Other formats, like concentrates, edibles, beverages, and oils, hold smaller shares. Concentrates and edibles each represent 5%, while beverages and oils account for 2% each. Concentrates grew 5% YoY, while edibles declined by 5%. Beverages saw a 6% YoY increase, indicating gradual consumer adoption.
其他形式，如浓缩物、食品、饮料和油，持有的份额较小。浓缩物和零食分别占5％，而饮料和油分别占2％。浓缩物同比增长5％，而食品下降了5％。饮料同比增长6％，表明消费者逐渐采用了饮料。