The Canada Cannabis Spot Index was assessed at C$5.28 per gram this week, up 1.1% from last week’s C$5.22 per gram. This week’s price equates to US$1,886 per pound at the current exchange rate.
Each week, Business of Cannabis delivers a series of insights from our partners at Cannabis Benchmarks®.
Last week, Statistics Canada released retail sales data for June 2021, with nationwide legal cannabis sales reaching a new monthly high of C$318.7M.
June was also the third month where sales have exceeded the C$300M threshold, marking a new baseline for the industry. The latest data point shows sales in the first half of 2021 totaling C$1.78B, which is 68% of total 2020 sales. Average daily sales in June 2021 reached C$10.6M.
In June 2021 Ontario’s sales exceeded C$120M, accounting for 38% of Canada’s total sales. The Ontario Cannabis Store (OCS) puts out a report every quarter detailing activity in the province’s cannabis market.
In the last report, which covers Q2 2021, the OCS reported that the legal market accounted for 44% of total cannabis sales, while the rest came from illicit markets.
From the historical data we can go back and calculate the historical figures and market trends, as seen in the chart below. The most striking statistic is that from Q2 2020 to Q2 2021, total cannabis sales increased by C$66M, or 38%. This shows that not only is more cannabis being bought in the legal market, but that cannabis is becoming more mainstream.
Source: Canada Cannabis Spot Index, Cannabis Benchmarks
See previous weekly updates from Cannabis Benchmarks:
- What is the optimal number of cannabis stores in Canada?
- How to compare daily cannabis retail sales by Province
- Understanding the impact of cannabis on alcohol sales in Canada
- A look at cannabis retail store count by Province
- A look at cannabis user statistics in Canada
