The Canada Cannabis Spot Index was assessed at C$5.16 per gram this week, up 0.6% from last week’s C$5.13 per gram. This week’s price equates to US$1,830 per pound at the current exchange rate.
Each week, Business of Cannabis delivers a series of insights from our partners at Cannabis Benchmarks®.
Statistics Canada recently released retail sales data for February 2022, showing nationwide legal cannabis sales dropping from the previous month due to fewer total days.
Sales in February slid to C$336.4M but increased on a daily basis.
From January to February daily sales grew from an average of C$11.2M per day to C$12.0M per day, or a 7.5% increase. After relatively flat daily sales over the past six months, average daily sales grew to over C$12M per day for the first time.
Another interesting aspect of this month’s data was the revisions. For 2021, total sales were revised down by C$62.6M. While we are uncertain of the exact reason for the restatement, Ontario made up the majority of the revision, with annual sales revised down by 4%, or C$60.6 to C$1.38B. The table above shows the monthly sales change by province.
After the revisions, Canadian recreational cannabis sales totaled C$3.83B for 2021.
In light of the restatement, stagnant sales in the back half of 2021, and lower recreational cannabis prices, Cannabis Benchmarks has lowered their projection of total recreational cannabis sales for 2022 to C$4.3B.
Source: Canada Cannabis Spot Index, Cannabis Benchmarks
See previous weekly updates from Cannabis Benchmarks:
- 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
- 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
