Canadian Cannabis Market Almost Doubles in 12 Months
Ontario’s Open Retail Cannabis Market Drives Sales in Canada – LPC
T
he legal Canadian cannabis market almost doubled from August 2019 to August 2020. During that time, the sales climbed from $123.7 million to $244.9 million for each respective month. The gains represented a 6% increase in sales from July to August 2020. However Ontario – which is currently driving gains in the Canadian cannabis market – jumped 11% to $66.9 million.
Many attribute the large gains to Ontario opening up its retail cannabis market. The province’s previous experiment with a cannabis retail licence lottery system was largely criticized. Many LPs including Canopy Growth and Aurora Cannabis openly blamed Premier Doug Ford’s provincial government for disappointing cannabis sales. According to the table at right, Ontario surpassed Alberta’s cannabis sales in June 2020. Those sales numbers in Canada’s most populous province continue to soar. (Click on image for larger size.)
The industry analyst for this report also cited cheap cannabis prices, more acceptance of the legal cannabis market in BC, and the success of Cannabis 2.0 products including vapes. (Please see link to full report below.)
As the number of cannabis retail stores in Ontario continues to grow, many expect the Canadian cannabis market to grow with it.
This editorial content from the LPC News Team provides analysis, insight, and perspective on current news articles. To read the source article this commentary is based upon, please click on the link below. Are you part of the legal cannabis industry in Canada? Add Your Listing and get found by a qualified audience.
