Canadian Cannabis Sales Pick Up Pace to CA$270 Million in October

Article by Marijuana Business Daily

NEWS BRIEF Canadian cannabis sales pick up pace to CA$270 million in October Canadian adult-use marijuana sales reached 270 million Canadian dollars ($211.7 million) in October, as the pace of monthly sales growth accelerated to 5.1%. The monthly sales figures imply an annual run rate of roughly CA$3.24 billion for Canada’s recreational cannabis sector.

Canadian adult-use marijuana sales reached 270 million Canadian dollars ($211.7 million) in October, as the pace of monthly sales growth accelerated to 5.1%.

The monthly sales figures imply an annual run rate of roughly CA$3.24 billion for Canada’s recreational cannabis sector.

Statistics Canada’s last retail sales data release of 2020 continued Canada’s mostly upward sequential monthly trend for cannabis sales this year, in spite of the COVID-19 pandemic and troubles facing the country’s biggest producers.

Ontario led the charge in terms of monthly sales growth, with October sales increasing by 7.6% over September to CA$83.9 million.

The next-largest province by population, Quebec, reported sales of CA$48 million, a 6.7% month-over-month increase.

Alberta, which has the most licensed cannabis stores of any Canadian province, retained its spot as the country’s second-biggest marijuana market with monthly sales increasing by 5% to CA$56.4 million.

Monthly marijuana sales grew at a more modest 2.8% in British Columbia, reaching nearly CA$38 million.

In the prairie province of Saskatchewan, sales grew by 2.2% on a monthly basis to CA$13.8 million.

Neighboring Manitoba reported 4.7% monthly sales growth, to CA$9.8 million.

In Newfoundland and Labrador, monthly recreational marijuana sales increased by 4.6% to CA$3.9 million.

Read the full article here.

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