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Canadian cannabis sales climbed about 5% to $244.9M in August: StatsCan

Canadian cannabis sales climbed about 5% to $244.9M in August: StatsCan Canadians spent $244.9 million on cannabis in August, a 5.2-per-cent increase from the previous month, with every province and territory posting monthly sales gains for the third straight period, according to Statistics Canada. Canada's legal recreational pot industry currently operates at an annual run rate of about $2.94 billion, based on the latest figures. Ontario led the country in cannabis sales, with $66.9 million spent in August, a monthly increase of 10.9 per cent. Stifel analyst Andrew Carter expects Canada to report $2.6 billion in cannabis sales in 2020, a sign of resiliency during the COVID-19 pandemic. Carter expects Ontario to lead sales growth, while activity in Alberta will be a bit more tepid.   Virus-free. www.avg.com

Written by : Tony Salvin

Canadian Marijuana Index

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