Canada: Cannabis retail sales shirt $100 M for the first time in July
Cannabis retail sales topped $100 million for the first time post-recreational legalization in July, based on information from Statistics Canada.
The national agency said on Friday that “gains at cannabis stores were widespread, and across all provinces, with double-digit growth in eight provinces.”
That pushed non-seasonally adjusted earnings to $104 million, a 14.3 percent growth over $91 million sold in June.
Canada’s cannabis business has marketed $676.4 million worth of pot in retail outlets at the initial 10 months because legalization at October 2018.
StatCan said during July that there have been over 300 cannabis shops in operation throughout Canada, a number that’s more than doubled because recreational cannabis became lawful.
The slow institution of brick-and-mortar retail shops in key states like Ontario and Quebec has been cited by accredited Canadian manufacturers because of headwind for earnings growth.
Analysts forecast the lack of pot shops in such areas will continue to challenge businesses as they prepare to establish a package of new goods in December, such as vape, edibles, beverages and topicals.