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Home 🌿 Marijuana Business News 🌿 Canada sets new record with more than $364 million worth of retail cannabis products sold in October 🌿Canada sets new record with more than $364 million worth of retail cannabis products sold in October
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The subscription service is currently unavailable. Please try again later.The figures represent a 35 per cent increase in year-over-year sales nationwide.
Canadians spent more than $364 million on retail cannabis products in the month of October, according to the latest figures from Statistics Canada.
It marks a 35 per cent increase in sales, year-over-year, and a nearly three per cent increase from September’s sales record of $354 million.
Ontario, which now has more than 1,200 authorized cannabis stores, led the country with nearly $146 million worth of sales in October, marking a 77 per cent increase in sales year-over-year. It was followed by Alberta ($63 million) and Quebec ($52 million).
Every province reported an increase in sales over the previous month, except New Brunswick, where sales dipped from $7.2 million in Sept. to just over $7 million in Oct. Still, year-over-year, New Brunswick saw a 13 per cent increase in sales.
Sales figures for Prince Edward Island and the three territories were not made available.
Newfoundland and Labrador saw the largest month-over-month increase in sales, growing more than seven per cent from $5.3 million to $5.7 million.
According to New Cannabis Ventures , the product categories remained relatively stable, with dried flower still dominating, though sales of pre-rolls have taken some of that market share. Citing data from Hifyre IQ, a real-time sales data analysis platform, flower and pre-rolls accounted for 72 per cent of sales in October.
Those figures are in line with the OCS report, which cited dried flower as accounting for 52 per cent of all purchases in the quarter. Pre-rolls (19 per cent) and vapes (15 per cent) rounded out the top three product categories.
More than 400 new products were launched in Canada’s most populous province during the quarter and there are now 1,8450 SKUs (stock-keeping units) available in the province, according to the report, including CBD beard oil and THC-infused hot sauce .
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