Cannabis retail sales top $100M for the first time in July: StatCan
Cannabis retail sales topped $100 million for the first time post-recreational legalization in July, according to data from Statistics Canada.
The federal 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 sales to $104 million, a 14.3 per cent increase over $91 million sold in June.
Canada's cannabis industry has sold $676.4 million worth of pot in retail outlets in the first 10 months since legalization in October 2018.
StatCan said throughout July there were over 300 cannabis stores in operation across Canada, a number that has more than doubled since recreational cannabis became legal.
The slow establishment of brick-and-mortar retail stores in key provinces like Ontario and Quebec has been consistently cited by Canadian licensed producers as a headwind for revenue growth.
Analysts predict the shortage of pot shops in these regions will continue to challenge companies as they prepare to launch a suite of new products in December, including vape, edibles, beverages and topicals.
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