420 with CNW – Recreational Cannabis Sales Increase Rapidly in Canada

September 24, 2020 15:22:36

In July, sales of adult-use marijuana in Canada were recorded at CA$231 million, which is a 15.2% growth. The retail sales, which equate to $175.6 million, beat the previous months’ sales record of CA$201 million ($151 million). This shows that the annual Canadian cannabis market may be worth about CA$2.8 billion ($2.1bn).

Statistics Canada reported last Friday that the monthly sales of regulated recreation marijuana had increased in all Canadian provinces. Ontario, which is the largest province with regard to population, recorded a 23.5% increase in monthly sales, which translates to CA$60.3 million ($45.3million). This increase comes after Ontario’s marijuana store license count exceeded 100 in the month of June.

CEO and co-founder of Sessions Cannabis, Steven Fry, has launched five retail outlets in Ontario thus far and is planning to open an additional 27 come April 2021. This will help address Ontario’s deficiency in marijuana retail stores. Earlier in July, two new Sessions outlets launched in Ontario. Fry stated that both stores experienced significant weekly sales increments.

He added that the growth trend would continue, as physical stores had proved to be far more popular in comparison with online sales stores in Ontario.

Fry stated that people preferred visiting the physical store locations and engaging with the staff, as they learnt more about the products and had any questions they had answered.

Alberta recorded sales of CA$51.8 million ($38.3million) in July, which translated to a 10.9% monthly growth. The province, which has many more marijuana outlets per capita as compared to any other province, beat out the more populated provinces like British Columbia and Quebec.

Quebec has relatively fewer stores in comparison to the other provinces but recreational marijuana sales in the province increase by 9.8%, which is roughly CA$11.9 million ($8.9million), on a monthly basis.

Additionally, the province of British Columbia recorded recreation marijuana sales of CA$34.6 million ($26million), which is a 17.6% increase.

In Manitoba, retail sales grew 10.8% to CA$9.1 million ($6.8million), while the Saskatchewan province recorded the smallest retail sales increase of 6.8%, an equivalent of CA$11.9 million ($8.9million).

July marijuana retails sales were as follows in eastern Canada:

  • In New Brunswick sales were CA$6.4 million, which is a +20.9% growth.
  • In Nova Scotia recorded sales worth CA$6.9 million; a 12.2% increase.
  • In the Prince Edward Island sales were worth CA$1.5 million; a remarkable 35.3% increment.
  • Lastly, in Newfoundland sales were recorded at CA$4.1 million, which equates to a 25.3% growth.

The figures above represent July sales and with the upward trend that is observed, retail sales are bound to grow as Canada’s marijuana market flourishes. These numbers are likely to serve as a massive encouragement to entities like The Alkaline Water Company Inc. (CSE: WTER) (NASDAQ: WTER) as they look forward to the time when the U.S. federal government legalizes pot sales.

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