The CCSI was assessed at C$5.22 per gram this week, down 0.6% from last week’s C$5.25 per gram. This week’s price equates to US$1,742 per pound at the current exchange rate
Each week, Business of Cannabis delivers a series of insights from our partners at Cannabis Benchmarks®.
This week Cannabis Benchmarks explores Statistics Canada recently released August retail cannabis sales for the country. August sales, at C$393.7M, were only C$0.8M higher than July. To correct for the different number of days per month, we look at the data in terms of average daily sales in the above chart. The latest data shows average daily sales hit a peak of C$12.7M in August, an increase of 13% from the same month last year. As seen in the chart above, the annual growth has slowed considerably, leading to a plateau in sales.
However, it is important to note that there were a number of anomalous factors that prevented sales from being considerably higher in August. First, Ontario’s provincial cannabis wholesaler, the Ontario Cannabis Store (OCS), suspended deliveries to retailers after a cyberattack impacted one of its supply chain partners. Second, labor issues in British Columbia (BC) prevented the provincial cannabis distribution center from distributing goods to private retail locations for a significant portion of late August. Privately held businesses in the province, which are obligated to obtain their supply from the BC Liquor Distribution Branch (BCLDB), stated that they were forced to temporarily close because they were out of stock.
If sales continue at the daily run rate for August for the rest of the year, total 2022 sales should exceed C$4.49B. (That calculation assumes daily sales average C$12.7M between September and December.) This should establish the low-end expectation for sales this year, given that both Ontario and British Columbia have resolved their internal issues. Additionally, we continue to see growth in store counts and more online / delivery options, which should continue to move cannabis consumers away from the illicit markets.
Source: Canada Cannabis Spot Index, Cannabis Benchmarks
See previous weekly updates from Cannabis Benchmarks:
- A look at Statistic Canada’s household expenditure data
- A look at legal vs illegal recreational cannabis spending
- A look at Canada’s latest retail cannabis sales data
- A complete view of trends following the introduction of cannabis 2.0 products.
- The ongoing battle between legal and illegal cannabis sales in Ontario
- How legal cannabis sales in Canada have impacted alcohol sales
- Understanding the current cannabis store county in Canada right now
- Canadian cannabis market fundamentals right now
- How the growth of outdoor cannabis cultivation impacts Canadian cannabis
- Canadian cannabis retail store count right now
- Flattening cannabis sales part of a common trend?
- Cannabis sales and store insights from BC
- Cannabis store count in Alberta right now
- A look at monthly cannabis sales in Canada
- How to compare annual cumulative cannabis sales in Canada
- Canadian cannabis consumer and patient trends right now
- Daily cannabis spend per consumer in BC now
- Canadian retail store counts right now
- A look at average daily cannabis sales in Canada
- Future growth of cannabis retail in Alberta
- Retail store counts in Canada right now
- The mix of cannabis products in Ontario right now
- How to understand legal and illicit cannabis sales
- Comparing legal and illicit cannabis purchases right now
- A look at cannabis retail store counts in Canada
- A look at daily cannabis retail sales in Canada
- Legacy and legal cannabis sales three years after legalization?
- How to understand cannabis’ impact on alcohol sales in Canada
- Understanding cannabis retail store growth in Canada
- A look at average monthly spend per cannabis consumer
- A look at processing licenses issued by Health Canada
- A look at cultivation licenses issued by Health Canada
- Understanding medical versus recreational sales right now
- A look at daily cannabis sales by Province
- How to view dry cannabis sales across Canada
- A look at percentage of legal versus illicit cannabis sales
- A look at the pace of growth for cannabis retail
- A look at monthly cannabis sales in Ontario
- What is the optimal number of cannabis stores in Canada?
- How to compare daily cannabis retail sales by Province
