Canada Experiences Massive Retail Marijuana Boom
Canada’s adult-use Marijuana retail market now stands valued at a phenomenal CA$2.8 billion per year. The latest annual projection follows a record July and a 15.2 per cent improvement over June’s record – in July all the way up to CA$231.6 million for the month.
A recent Friday report published by Statistics Canada indicates that the sale of recreational cannabis for responsible adult use increased across all of the country’s provinces – with Canada’s biggest province, namely Ontario, at CA$60.3 million, having witnessed a record 23.5 per cent hike in monthly sales.
The sudden spike is considered to have been catalysed by the number of retail marijuana stores located in Ontario officially surpassed the 100-mark in June. The expanded store licence count had been increased as such so as to satisfy the demand for more cannabis retail outlets in the province.
Growth To Continue Says Retailer
Steven Fry, a prominent Ontario businessman and CEO of Sessions Cannabis, currently owns 5 retail stores in Ontario. According to Fry, two of his five stores were opened in July, and both saw significant increases in sales registered for the month. He says he plans on opening at least 27 more stores by April next year.
Actual physical brick-and-mortar stores have proved significantly more popular and successful than have online versions of the same outlets, said Fry. Consumers actually want to visit physical outlets, engage with staff, and learn about the products being sold, explained the Sessions Cannabis co-founder and chief executive.
Performance By Province
Alberta too, which province currently has more cannabis stores than any other province – that’s per capita – yet again beat both Quebec as well as British Columbia to the record sales finish-line for the month. July sales in Alberta ranked at around CA$51.8 million, which amount marks a 10.9 per cent increase over June.
Quebec, though smaller and with fewer stores, reported sales figures totalling CA43.9 million for July – up 9.8 per cent on a month-to-month basis. And as for British Columbia and Manitoba, both provinces saw busier July months than Junes too.
July retail sales in eastern Canada came in as follow:
- Prince Edward Island – CA$1.5 million, up 35.3 per cent from June
- Nova Scotia – CA$6.9 million, a 12.2 per cent month-on-month improvement
- Newfoundland – CA$4.1 million, up 25.3 per cent
- New Brunswick – CA$6.4 million, which marks a month-on-month improvement of at least 20.9 per cent
Figures for the month of August are due for release on October 21.