Cannabis retail jumps 118 percent in latest Statistics Canada commodity survey

Retailers sold $232 million worth of cannabis products in July 2020

cannabis-retail

Cannabis retail brought in $908 million during the first year of legalization.

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A new Statistics Canada commodity survey shows that cannabis retail reached $232 million in July 2020.

The sale of cannabis products represents a 118.4 percent increase compared to same month last year.

Cannabis retail generated $106 million in July 2019.

Moreover, the $232 revenue in July this year marked a 15.4 percent rise from June receipts of $201 million.

The numbers on retail sales of cannabis products form part of broader report by Statistics Canada.

The federal agency released the results of its latest retail commodity survey on Tuesday (October 13).

In connection with this, Statistics Canada reported that retail sales totalled $57.2 billion dollars in July. The sales constitute a 4.8 percent rise compared with the same month in 2019.

“This marked the second consecutive increase in year-over-year sales for the sector, as COVID-19 restrictions eased and regions across the country continued to reopen,” Statistics Canada noted.

Additionally, advance estimates suggest that total retail sales increased by 1.7 percent in August. However, official numbers have yet to be tallied.

Sales of motor vehicles totalled $11.5 billion in July, constituting the biggest item. Food came second with $10.4 billion.

Furthermore, the sale of home furniture, furnishings, housewares, appliances and electronics finished third with $5 billion.

Recreational cannabis became legal in Canada on October 17, 2018. Because of this development, adults 18 years of age or older can, among other things, possess up to 30 grams of legal cannabis.

Consumers can also buy dried or fresh cannabis and cannabis oil.

On October 17, 2019, other cannabis products like edibles and concentrates beame legal for sale.

In connection with this, provinces and territories have created their own regulations regarding cannabis.

Cannabis retail posts growth

On December 11, 2019, Statistics Canada released an analysis on cannabis retail.

The period covers the first year of legalization, from October 2018 to September 2019.

According to the federal agency, the sale of cannabis products grew considerably.

Retailers of legal cannabis established more than 400 brick-and-mortar stores.

In addition, shops registered $908 million in online and retail store sales.

“As the industry establishes itself and the market develops, Canadians’ access to cannabis retailers is increasing,” Statistics Canada noted.

Cannabis retail in Ontario led sales in the country, contributing $217 million from October 2018 to September 2019.

Also, Alberta followed with $196 million, and Quebec, $195 million.

British Columbia had $50 million, outdone by Nova Scotia at $65.8 million, and Manitoba at $56.1 million.

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