Canada's Cannabis Market Goes Cold, Pot Prices Hit Bottom: Why Top Producers Are Losing Ground
Canada's Cannabis Market Goes Cold, Pot Prices Hit Bottom: Why Top Producers Are Losing Ground
Mid-tier players includeCanada's cannabis market is seeing a chilling stagnation, with 2024 showing nearly zero growth in consumer sales—a stark contrast to the double-digit gains of previous years.
加拿大的大麻股市正在經歷一段冰冷停滯期，到2024年，消費者銷售額幾乎沒有增長，與之前幾年的兩位數增長形成鮮明對比。
Amid this slowdown, certain products capture consumer interest, even as prices stabilize and competition intensifies. In his latest analysis, senior analyst Pablo Zuanic of Zuanic & Associates explores what's still selling in a market haunted by stagnation and shifting dynamics.
在這種放緩情況下，一些產品吸引了消費者的興趣，儘管價格穩定，競爭加劇。在最新的分析中，Zuanic＆Associates的高級分析師Pablo Zuanic探討了在這個市場上仍在銷售的產品，這個市場被停滯和不斷變化的動態所困擾。
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Flower Segment: Stabilized Prices And Market Fragmentation
花卉板塊：價格穩定和市場分化
The flower segment remains essential to Canada's cannabis sales, though dynamics among top players are shifting. Village Farms (NASDAQ:VFF) leads with a 15% share, though down from 17.4% in Q2 2024, followed by Tilray (NASDAQ:TLRY) at 12.8%, Organigram (NASDAQ:OGI) and Cronos (NASDAQ:CRON) at 10.8% and 6.1%, respectively.
花卉板塊仍然是加拿大大麻銷售的重要組成部分，儘管頂級參與者之間的動態正在發生變化。Village Farms（納斯達克：VFF）以15%的份額領先，但較2024年第二季度的17.4%下降，其次是Tilray（納斯達克：TLRY）佔12.8%，Organigram（納斯達克：OGI）和Cronos（納斯達克：CRON）分別爲10.8%和6.1%。
Mid-tier players include Auxly (OTC:CBWTF), Canopy Growth (NASDAQ:CGC), and Cannara Biotech (OTC:LOVFF), each with 2-5% shares.
中檔參與者包括Auxly（場外交易：CBWTF），Canopy Growth（納斯達克：CGC）和Cannara Biotech（場外交易：LOVFF），各自佔2-5%的份額。
Average flower prices stabilized at CAD 5 per gram ($3.70), up slightly from CAD 4.80 last year, though individual prices vary slightly by producer.
每克大麻花卉的平均價格穩定在5加幣（3.70美元），略高於去年的4.80加幣，儘管個別價格因生產商略有不同。
Pre-Rolls Gain Ground, With Decibel Leading In Infused Joints
預捲菸受歡迎，Decibel在注入式菸草領域處於領先地位
Pre-rolls have reached parity with flower sales, each making up 35% of the market, reflecting a shift in consumer preferences. Decibel (OTC:DBCCF) holds a 10.8% share of this segment, followed by Tilray at 8.5%, Organigram at 6.4%, and Village Farms at 5.4%.
預捲菸已經與花銷售達到了同等水平，各佔市場的35％，反映出消費者偏好的轉變。Decibel（場外交易:DBCCF）持有該部分的10.8％份額，Tilray爲8.5％，Organigram爲6.4％，Village Farms爲5.4％。
Subcategory breakdowns show joints leading with 55% of sales, while infused joints make up 27%. Decibel, once a leader in infused joints, saw its dominance decrease from 55% in Q3 2023 to 38% in Q3 2024.
細分類別顯示關節銷售佔55％的領先地位，而注入關節佔27％。曾經在注入關節領先的Decibel公司，其主導地位從2023年第三季度的55％下降到2024年第三季度的38％。
Mid-range pre-roll players include BZAM with 4.2%, Weed Me (private) with 3.9%, and Auxly with 3.3%.
中檔預捲菸參與者包括BZAm的4.2％，Weed Me（私人）的3.9％和Auxly的3.3％。
Vape Segment: Motif Labs Dominates 510 Cartridges
霧化煙段：Motif Labs主導510型煙彈
Vapes now comprise 16% of the Canadian cannabis market, led by Motif Labs with a 20.6% share, followed by Auxly at 12.9%, Decibel at 9.7%, and Cronos at 7.3%. The 510 cartridges, particularly in 1ml and 1.2ml formats, dominate vape sales with 74% of the market, underscoring their popularity.
霧化器現在佔加拿大大麻市場的16％，由Motif Labs以20.6％的份額領先，Auxly爲12.9％，Decibel爲9.7％，Cronos爲7.3％。特別是1毫升和1.2毫升規格的510型煙彈主導着霧化器銷售，佔市場的74％，突顯了它們的受歡迎程度。
Disposables and live resin cartridges have smaller shares, with closed-loop systems representing 2% of sales. Tilray and Cannara also hold smaller but significant shares in this segment, at 4.9% and 3.4%, respectively.
一次性產品和活性樹脂煙彈的市場份額較小，閉環系統佔銷售的2％。Tilray和Cannara還在該部分持有較小但顯着的份額，分別爲4.9％和3.4％。
International Ventures: The Next Growth Frontier?
國際企業：下一個增長前沿？
While the domestic market stagnates, Zuanic notes a shift in investor focus toward companies with international strategies, especially given potential U.S. regulatory reforms.
儘管國內市場停滯不前，Zuanic指出投資者的關注重點開始轉向制定國際戰略的公司，尤其是考慮到潛在的美國監管改革。
"Canadian LPs are positioning for U.S. entry and European expansion, focusing less on local sales growth," he explains, suggesting that global ventures could provide critical revenue streams as companies seek growth beyond Canada's limited market.
他解釋說：「加拿大大麻股正在爲進入美國和擴張歐洲市場做準備，更加關注本地銷售增長較少。」他表示，隨着公司尋求超越加拿大有限市場的增長，全球業務可能提供關鍵的營業收入來源。
譯文內容由第三人軟體翻譯。
