Canada’s cannabis consumers spent 4.52 billion Canadian dollars ($3.35 billion) on regulated adult-use products in 2022, growing 17.9% over 2021’s sales total, according to new retail sales data released Tuesday by Statistics Canada.
The year-over-year sales increase came as the number of licensed cannabis stores in Canada increased.
ADVERTISEMENT
In 2021, Canadians bought CA$3.83 billion worth of recreational cannabis from licensed stores.
Despite the notable year-over-year increase, the pace of cannabis sales growth in Canada appears to be slowing, said Michael Armstrong, who studies Canada’s cannabis market as an associate business professor at Brock University in St. Catharine’s, Ontario.
“I think that (growth), to a large extent, is the story of stores,” Armstrong told MJBizDaily.
Across Canada, Armstrong explained, cannabis sales trends track closely with the number of retail outlets.
In Ontario, Canada’s most populous province and most valuable marijuana market, the number of cannabis stores increased
Read full article on Marijuana Business Daily