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的巴勃羅·祖安尼克的最新股票研究報告強調了加拿大大麻市場的主要趨勢，指出娛樂銷售增長減速。
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的數據顯示，24年第二季度的銷售額同比下降了4％，導致年初至今（YTD）下降了1.3％，而23年上半年的增長率爲14％。相比之下，Hifyre的數據顯示，截至8月，年初至今增長了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.
如果按年計算，這一增長預計2024日曆年度的娛樂市場總規模將達到54.7億加元，相當於人均102美元。
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Market Share Shifts Among Top Players
頂級參與者的市場份額變化
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的報告強調了頂級許可生產商（LP）市場份額的顯著變化。曾經占主導地位的蒂爾雷（納斯達克股票代碼：TLRY）的份額在8月份下降了1.5個百分點至9.6％，持續了最近幾個季度的下降。分貝（多倫多證券交易所股票代碼：DB）也出現了下跌，下降了0.9個百分點至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.
同時，鄉村農場（納斯達克股票代碼：VFF）經歷了強勁的增長，其市場份額從去年同期的6.1％增加到7.9％，同比增長34％。同樣，克羅諾斯（納斯達克股票代碼：CRON）和Organigram（納斯達克股票代碼：OGI）也公佈了漲幅，其中克羅諾斯保持了穩定的5.3％的份額（同比增長24％），而Organigram的市場份額從去年同期的6.6％增長至7.2％，反映了15％（同比）的增長。
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（場外交易代碼：CBWTF）和坎納拉生物科技（非上市）各上漲0.5點，分別達到5.2％和3.4％的市場份額。
Here is a breakdown of the major players:
以下是主要參與者的明細：
- 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.
- 鄉村農場：銷售額同比增長34％，8月份市場份額爲7.9％（高於去年同期的6.1％）。
- Cronos：銷售額同比增長24％，保持5.3％的份額，與前幾個季度持平。
- 組織結構圖：銷售額同比增長15％，8月份的市場份額爲7.2％，高於去年同期的6.6％。
- 蒂爾雷：銷售額同比下降20％，8月份的市場份額爲9.6％，低於本季度初的10.1％。
- 分貝：銷售額同比下降25％，市場份額爲5.3％，低於去年同期的7.4％。
Format Preferences Continue To Evolve
格式偏好不斷髮展
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.
加拿大大麻市場正在向更新的產品形式轉變，其中一些細分市場的表現優於其他細分市場。花卉仍然是最大的類別，佔2024年6月至8月銷售額的36％，低於23年第一季度的41％和21年第一季度的57％。這種下降反映了隨着預卷和電子煙市場份額的增加，消費者偏好的變化。
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%.
預售卷現在佔總銷售額的34％，高於23年第一季度的27％和21年第一季度的17％。受消費者對便利需求的推動，該細分市場在6月至8月期間同比增長了11％。分貝以10.4％的份額領先，儘管在8月份跌至9.7％。蒂爾雷持有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.
電子煙佔銷售額的16％，高於22年第一季度的15％和21年第一季度的14％，這得益於8％的同比增長。Motif Labs以20.6％領先，其次是Auxly（場外交易代碼：CBWTF），爲12.4％，高於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，如濃縮物、食品、飲料和油，持有的份額較小。濃縮物和零食分別佔5％，而飲料和油分別佔2％。濃縮物同比增長5％，而食品下降了5％。飲料同比增長6％，表明消費者逐漸採用了飲料。
