B.C. legal cannabis sales roar past national average
Industry expert Deepak Anand says B.C. has seen a larger than Canadian average increase in retail outlets opening over the past year
Author of the article:David Carrigg
Publishing date:Aug 23, 2020 • Last Updated 1 hour ago • 1 minute read
Sales of cannabis products from licensed retailers in British Columbia rose from $4.2 million in June 2019 to $29.4 million in June 2020.
Latest Statistics Canada data showed that across Canada licensed cannabis product sales jumped from $91.7 million to $201 million during the same period.
So while the Canadian numbers jumped by just under 120 per cent, the B.C. increase was almost 600 per cent.
The only Canadian province to report a downturn in cannabis sales was Prince Edward Island, that saw sales fall from $1.3 million in June 2019 to $1.1 million in June 2020.
Cannabis industry analyst Deepak Anand said B.C. had seen a larger than Canadian average increase in retail outlets opening over the past year – sitting at 225 as of Aug. 13, with 57 more stores expected to open this year.
Across Canada there are 1,057 licensed cannabis stores, or one per 35,600 people, compared to one per 22,222 people in B.C.
Deepak said another reason for the big jump in sales in B.C. was due to cannabis vapes, edibles and beverages now being sold at licensed stores.
He said the fastest growing sector was vapes.
“As a result sales are higher now that new product forms are available,” he said, adding novice cannabis users were also entering the market, leading to growing sales.
dcarrigg@postmedia.com
