Canadians spent nearly $245 million on cannabis in August – a 5.2% increase from the previous month.
According to Statistics Canada, every province and territory posted monthly sales gains for the third straight period.
Based on the latest StatsCan figures Canada's legal recreational pot industry currently operates at an annual run rate of about $2.94 billion. Ontario led the country in cannabis sales with $66.9 million spent in August – a monthly increase of a robust 10.9%.
Stifel analyst Andrew Carter expects Canada to report a total of $2.6 billion in cannabis sales in 2020 – a sign of resiliency during the COVID-19 pandemic.
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