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PALM BEACH, Fla., April 29, 2021 /PRNewswire/ The global pandemic was expected to negatively impact the global economy… and it did, but there were some markets that exceeded expectations… and grew during the crisis. Industry insider BDSA (formerly BDS Analytics) said in a recent report that: The cannabis industry faced numerous challenges in the past few years, none so potentially disruptive as the coronavirus pandemic in 2020, said Micah Tapman, Chief Executive Officer, BDSA. Our previous forecast was conservative based on the expected economic fallout from the pandemic, but the industry not only survived, it thrived and legal cannabis gained considerable ground, exceeding our expectations in several markets. The report projected that: Global cannabis sales reached nearly $21.3 billion in 2020, an increase of 48% over 2019 sales of $14.4 billion. BDSA forecasts global cannabis sales will grow from $21.3 billion in 2020 to $55.9 bi
Canadian cannabis giant Aphria Inc (TSX:APHA) (NASDAQ:APHA) revealed Monday that Broken Coast Cannabis Inc. has reached the concentrates category with its new Wax product.
Broken Coast is a British Columbia-based cannabis producer that was acquired by Aphria in February 2018 for around CA$217 million ($175.12 million).
The new product, Broken Coast Wax, is crafted with B.C. flower and is part of the company s award-winning list of cultivars in Canada. It is rich in THC (70%), providing “a clear expression of each cultivar’s profile,” according to the company.
The cannabis producer said it relies on hydrocarbon extraction procedures to extract desirable cannabinoids and terpenes from the flower.
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ALANA PATERSON/The New York Times News Service
Shifting brand loyalty and increasing popularity for better-quality cannabis products are hampering the growth prospects of some of the largest cannabis companies in Canada – despite an overall boost in sales of legal recreational cannabis throughout the pandemic.
Last week, both Aphria Inc. and Organigram Holdings Inc. reported weaker-than-expected quarterly revenues driven by lower domestic demand for their products.