Ontario Cannabis Store Online Transactions Soar 82% in March

Article by David Jagielski, Motley Fool

Ontario Cannabis Store Online Transactions Soar 82% in March COVID-19 sent cannabis customers online in record numbers. David Jagielski David Jagielski

The Ontario Cannabis Store (OCS) has released data on its sales over the past 12 months, from April 1, 2019, until March 31, 2020. In total, for the full fiscal year, the OCS website generated 71.4 million Canadian dollars while the government-run retail stores brought in CA$313.7 million in revenue.

In March, the OCS’ online store processed a record number of transactions due to stockpiling as a result of the COVID-19 outbreak. There were 114,400 transactions in March, which was up 82% from the 62,800 that it processed in February. The next closest month was the OCS’ first month back in April, when there were 74,500 transactions.

Part of the reason for the surge, besides COVID-19, is likely due to pricing. During the first quarter, the OCS online store averaged a price per gram of CA$9.48. That would end up falling to CA$7.48 by the fourth quarter. That’s lower than the CA$9.61 that physical retail stores averaged during the last quarter.

Aurora proving to be a dominant brand

The OCS’ report also broke down the top five brands, and Ontario-based Aurora Cannabis(NYSE:ACB) was popular among customers. Dried flower was the largest product category with CA$47.3 million sales on the OCS website and CA$227.6 million in stores. Aurora dominated in that segment with both its Aurora brand and San Rafael ’71 brand each making up 8% of sales both online and in retail stores.

Read the full article here.

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