Canadian retail sales of cannabis continue to climb on a month over month basis across the country, a good sign for licensed producers and investors alike. The continuous growth is an early sign that use of cannabis is slowly becoming normalized as consumers continue to increase their use and retail locations continue to open their doors.
Retail cannabis sales for the month of August increased to $127.4 million, an 18.64% increase from July’s retail sales of $107.4 million. August marks the second month for which retail sales have crossed the $100 million mark within the country, with collective sales to date now amassing to $806.6 million.
The current trend suggests that retail sales in Canada may just surpass $1 billion for cannabis within the first year of legalization. Initially, such a figure appeared to be way off the mark given the slow start experienced by the sector. It should also be noted that these sales amounts do not include medical cannabis, which is reported separately by StatsCan.
The data related on cannabis sales within the country is somewhat sparse, as numerous different StatsCan pages get updated on varying timelines. Yesterday’s data dump for retail sales across all sectors by the agency however provided a glimpse into the cannabis sector as investors await further data related to inventory levels at provincial wholesalers and licensed producers, as well as overall sales figures for the sector.
Information for this briefing was found via StatsCan. The author has no securities or affiliations related to any organization discussed. Not a recommendation to buy or sell securities. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
