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Canada sells over $231M of legal cannabis in July, biggest monthly jump since legalization

Canada sells over $231M of legal cannabis in July, biggest monthly jump since legalization More than $231 million worth of cannabis was sold in Canada in July, up 15.2 per cent from the prior month, according to Statistics Canada on Friday. The monthly increase is the biggest gain since cannabis was legalized in Canada in Oct. 2018, while the July figure represents an annualized run rate of $2.78 billion. All 10 provinces and all three territories reported a monthly sales gain in July for the second straight month, the StatsCan data showed. Ontario led the country with $60.3 million in cannabis sales in July, up 23.5 per cent from June, while Alberta and Quebec were not far behind with $51.8 milion and $43.9 million sold, respectively. On a daily purchase rate, sales were up 11.5 per cent in July from the prior month. Stifel analyst Andrew Carter said the sales data showed that Canada's cannabis market should grow to $2.5 billion in sales in 2020, up 113 per cent from 2019.  Virus-free. www.avg.com

Written by : Tony Salvin

Canadian Marijuana Index

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