Article by Sam Riches, Growth Op
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.
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.