Cannabis Sales Peak in British Columbia During Coronavirus
We already knew that cannabis sales were thriving during the COVID-19 pandemic. Yet, what we did not know is that British Columbia — the westernmost province of Canada — just broke a new record!
Namely, legal cannabis retailers in this province sold recreational cannabis products worth over $29 million in June alone, which is nearly seven times the revenue generated in June the previous year (approximately $4,230,000). This is the sixth month in a row that legal cannabis retailers in BC have sold so many products.
As for the rest of Canada, in June 2020, legal cannabis retailers in the country managed to earn a whopping $201 million in total, which is 119% more than last year’s revenue over the same period (around $91.7 million).
One of the reasons for this sudden surge in sales in March is the closing of many shady, black market stores and the introduction of new legal stores; the improved quality of the products and the newly categorized edibles also helped.
As for BC in particular, the government allowed legal private cannabis retailers to conduct e-commerce transactions since March. Nevertheless, interested customers are still required to go out and pick up their purchases at brick-and-mortars.
135 retail licenses have been issued by BC to entrepreneurs looking to open cannabis stores in October 2019. This number rose to 176 by the end of the year only to jump to 254 on May 27, 2020. And, as of now, there are some 264 licenses as listed on the official province’s website.
Overall, British Columbia ranked fourth when it comes to legal cannabis sales, trailing behind Quebec with $39,992,000, Alberta ($46,707,000), and Ontario ($48,852,000).