Canada’s Cannabis Sales Are Down Again
The newest information that Statistics Canada has released on Friday shows that the sales of legal recreational cannabis in Canada have dramatically fallen all over the country.
The revenue from legal cannabis used by adults was close to $123 million in September, which is a 2.4% drop compared to the $126 million in sales that the country acquired during August.
New Brunswick province has suffered the greatest losses. They sold 40% less cannabis in September, compared to August. Their sales went from $5.4 million to just $3.3 million, and because of these losses, the province is now selling their cannabis business to the private sector.
Ontario suffered only a 6% loss, and went from $33.8 million in August, to $31.8 million in September.
On the other hand, the province of Quebec saw a 4.7% rise in sales. Currently, there are 28 legal stores that sell cannabis products, which will not be available to people younger than 21, as of January 2020. This province has also banned the consumption and sale of cannabis edibles, even though edibles are legal in other parts of the country.
Chris Damas, the author of The BCMI Report, believes that the main reason for this drop in sales is that August had 31 days, and September 30. Having in mind that cannabis stores in Canada work 7 days a week, this explanation is somewhat logical.
His other theory is that most people were on vacation in August and had more time to try cannabis-based products, whereas September is the “back-to-school” period when people are generally concentrated on going back to work and their education.
The cannabis industry is just like any other business — it has its ups and downs. As such, it will only be a matter of time before the industry goes back into “high” gear in the following months.