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A look at the pace of growth for cannabis retail

The CCSI was assessed at C$5.18 per gram this week, down 1.9% from last week’s C$5.28 per gram. This week’s price equates to US$1,863 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 provides an update on the increase in retail storefronts across Canada.

As of August 31 they are tracking 2,412 licensed retailers, with an average monthly growth rate of 7% in 2021.

Ontario continues to lead the national growth trend, with the province hitting its 1,000 store goal ahead of schedule. As seen in the chart above, the growth in Canada’s retail stores has been driven primarily by Ontario’s quest to make legal cannabis more accessible.

Ontario is still far behind Alberta in terms of number of stores per capita, but there are areas in Toronto that have been overbuilt. This recent rapid growth will likely result in increased local competition, which could result in some closures.

That being said, there are still many regions that are underserved, which is keeping the illicit market very active. We anticipate another 200+ stores to open in Ontario by the end of the year.

Source: Canada Cannabis Spot IndexCannabis Benchmarks

See previous weekly updates from Cannabis Benchmarks:

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