Canadian cannabis sales fall for second consecutive month, but still grow by 74 per cent year-over-year

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For the second month in a row, national cannabis sales continued to decline after peaking in December 2020. The latest figures from Statistics Canada show that sales remain up year-over-year, however, with Canadians purchasing just under $263 million worth of legal weed in February. The sales represent a 74 per cent increase, year-over-year. Canada clears more than $2.6 billion in cannabis retail sales in 2020 Canadians purchased $282 million worth of retail cannabis in first month of 2021 Ontario to ramp up the pace of cannabis store authorizations In December of last year, Canadians purchased nearly $300 million worth of cannabis. Nationwide, cannabis retail sales for 2020 totalled more than $2.6 billion, a 117 per cent increase from 2019. In 2021, though, sales have dropped from the December 2020 high each month. In January, nationwide sales amounted to $282 million. The lone province that didn’t experience a reduction in sales in February, and, in fact, saw a slight increase, was Ontario. The province posted just under $90 million in sales. In mid-February, the Alcohol and Gaming Commission of Ontario (AGCO), the organization responsible for regulating cannabis retail in the province, announced it would begin issuing up to 120 Retail Store Authorizations (RSAs) per month. Previously, the AGCO had been issuing 40 RSAs monthly. According to AGCO data , nearly 700 stores have now been “Authorized to Open” in Ontario, which means Canada’s most populous province is finally home to the most cannabis stores in the country. In Alberta, long the leader in the number of pot shops, there are currently 616 cannabis stores up and running, according to Alberta Gaming, Liquor and Cannabis . Nunavut was the only other province or territory that saw a slight bump in sales in February, with sales reaching $982,000 for the month, a 0.7…

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Source : Canadian cannabis sales fall for second consecutive month, but still grow by 74 per cent year-over-year

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