The CCSI was assessed at C$5.55 per gram this week, down 0.6% from last week’s C$5.58 per gram. This week’s price equates to US$2,085 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 March 2021. Nationwide legal cannabis sales reached a new monthly high of C$298.1M.
Prior to March, we saw a decline in monthly sales after December 2020. However, on a daily basis, sales have been increasing from January through March, with the most recent month’s representing a new record for Canada’s legal market on a daily and monthly basis.
On a provincial level, sales have started to plateau in most provinces, with Ontario the exception. Ontario regulators are continuing to approve more licensed stores, with 1,000 expected to be open by September this year.
As the chart illustrates, sales growth in Canada this year is tied primarily to better accessibility in Ontario. Longer term, we are expecting a boost in sales across all provinces, as Canada’s legal market becomes more accessible, product variety and quality increases, and prices become increasingly competitive with or lower than those offered by illegal sources.
Source: Canada Cannabis Spot Index, Cannabis Benchmarks
