Canada’s Recreational Sales Rise By 18%February 28, 2023
Consumers in Canada spent C$3.35 billion ($2.5b) on recreational cannabis last year, according to data from Statistics Canada. That figure represents an 18% improvement over 2021’s total, a bright spot for an industry that has been forced across the board to enact sweeping changes to right-size operations as production proved to far outpace demand in the country over the last several years.
However, that perceived lack of demand may have had more to do with retail access than underlying interest, as the continued rollout of licensed cannabis stores throughout the country has made it more convenient for greater swaths of the population to purchase the product. Canada now boasts around 3,700 cannabis outlets and retail licenses, including close to 1,700 in most-populous province Ontario. It’s a reminder that, though delivery services have a role to play in the cannabis ecosystem, consumers overwhelmingly want to buy a product that they see in person first.
Consumers set a new monthly sales record in December when sales surged 14% to C$314 million ($231m), up from C$276 million ($203m) in November. Sales were strongest in Ontario at C$126 million ($93m), followed by Alberta at C$54 million ($40m) and British Columbia with C$47 million ($35m).—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.
Tagged : Canada retail, cannabis
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