Canadian Cannabis Sales Near $150M in December
February 24th, 2020
Canadian retail cannabis sales rose about eight percent to $146.2 million in December 2019, according to Statistics Canada. While full-year retail sales of $1.2 billion were below expectations, the strong end to the year suggests that the industry could be on the rebound as supply chain issues are resolved and the number of retail stores rose.
The biggest gains came from Ontario, Quebec and Alberta, although Manitoba reported the strongest month-over-month growth rate at more than 50 percent. While 45 percent of Canadians living with ten kilometers of a cannabis store in 2019, these distances are poised to narrow as provinces add significant numbers of new cannabis stores.
Analysts believe that sales could reach $2.8 billion by 2020 given the rise in Ontario stores and the introduction of second-generation products, such as vape pens, edibles and topics that were only recently legalized in October 2019. These products haven’t been broken out in the Statistics Canada reports and could represent a big area for growth ahead.
The biggest opportunities for growth could be the introduction of stores in populous provinces, like Ontario, where there is a clear lack of stores. Meanwhile, provinces like Alberta could be approaching a saturation point. The introduction of new products and the introduction of these new stores could bring per capita spending up to more appropriate levels.
Cannabis stocks may not be pricing in a turnaround just yet — the Marijuana Index is trading near its all-time and yearly lows following a massive decline that began last Spring. These declines could create opportunities for shareholders over the long run as the industry matures and larger players begin to emerge in both Canada in the United States.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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