Canada clears more than $2.6 billion in cannabis retail sales in 2020

Growth op

Canadians spent just shy of $300 million on cannabis retail products in December 2020, according to newly released data from Statistics Canada . It was the highest month of the year for consumer spending and a 14 per cent increase from November , when Canadians spent $261 million worth of cannabis products. Nationwide, cannabis retail sales for 2020 totalled more than $2.6 billion, a 117 per cent increase from 2019, when sales reached $1.2 billion. Canadian cannabis retail sales top $261 million in November Colorado clears more than US$2 billion in cannabis sales in 2020 Canadian cannabis sales went through the roof in March Earlier this month, Colorado also released its sales figures for the year , with the state clearing more than $2.2 billion, a record high. Analysts credited the pandemic as one of the growth drivers. Canadians have also been stocking up during the pandemic and saw greater access to ‘Cannabis 2.0’ products in 2020. After several delays, the new products — vapes, edibles, beverages, topicals and extracts — started to roll out in late 2019 and into the early half of 2020. In October 2020 , edibles represented 17 per cent of total sales, with more than 1.7 packaged units sold, and extracts represented 15 per cent of sales. Flower accounted for 68 per cent of total sales. Prohibition Partners, a global cannabis market intelligence firm, predicts that Cannabis 2.0 products have significant room for growth and could hit US$416 million ($524 million) in sales by 2025 . According to a survey by the firm, 48 per cent of Canadians prefer ingesting cannabis in an edible form compared to just 36 per cent who have a preference for flower.

Subscribe to   Weekend Dispensary , a new weekly newsletter from The GrowthOp.

Excerpt only …
Source : Canada clears more than .6 billion in cannabis retail sales in 2020

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.