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Canadian Cannabis sales expected to hit ONLY $1.1B in first year of legalization

Stockhouse Editorial
0 Comments| 2 days ago




Sales of cannabis in Canada are just a fraction of what the Canadian government projected, as estimates suggest that cheaper black market pot is proving irresistible for many consumers.
 
Canadian licensed cannabis producers are expected to have sold approximately $1.1 billion worth of legal pot – the equivalent of about 105,000 kilograms – in the first full year of legalization, according to an analysis of retail sales data by Cannabis Benchmarks.
 
But that’s far less than the 924,000 kilograms of dried flower equivalent Canadians are believed to consume each year. Further complicating matters are reports suggesting cannabis producers are harvesting enough marijuana to come close to hitting Canada’s annual demand.
 
As of July, monthly legal pot harvests are north of 62,600 kilograms and “increasing rapidly” to that annual target, according to The Cannalysts Inc., an independent cannabis research firm.
 
BNN Bloomberg reports.

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