Toronto, Sep 1, 2020 – Currently, there are more than 100 legal Ontario cannabis retailers, almost 500 in Alberta, and some experts believe that there will be more than 1,000 legal cannabis retailers in Ontario next fall.
Ontario cannabis retail revenue is hardly encouraging-Ontario’s most populous province has consolidated its leading position-and the growth rate may continue for several years to reach store saturation.
The sleeping giant of the Ontario cannabis retail industry seems to be waking up. The province has the highest income of all jurisdictions in the country for the third consecutive month.
The Canadian cannabis market has been growing steadily. The number of Canadian patients contracted to receive medical marijuana in the country has increased by an average of 10% per month. The sales volume of dried cannabis has grown steadily at a rate of 6% per month, while the sales volume of hemp oil has grown at a rate of 16% per month.
In 2017, approximately 4.9 million Canadians aged 15 to 64 spent approximately C$5.7 billion on cannabis for medical and non-medical purposes. This is equivalent to approximately $1,200 per cannabis consumer.
According to a new report “The State of the Legal Cannabis Market” released by Arcview Market Research and BDS Analytics, Canadians spent $1.6 billion on legal cannabis in 2018, more than double what they spent on medical cannabis in 2017.
According to the data, the retail sales of legal weeds in Ontario was approximately 66.9 million Canadian dollars in August. It has been increasing steadily in recent months, from 40.3 million Canadian dollars in April to 41.1 million Canadian dollars in May and June 48.9 million Canadian dollars and 60.3 million Canadian dollars in July.
In addition to steady growth, Ontario’s June, July and August revenues were also higher than Alberta, which was an early and impressive benchmark for cannabis retail in the country.
Statistics Canada’s report from April to August showed that Alberta’s monthly weed retail revenue for these five months was 42.3 million Canadian dollars, 46.3 million Canadian dollars, 46.7 million Canadian dollars, 51.8 million Canadian dollars and 51.8 million Canadian dollars. 52.6 million Canadian dollars.
Quebec and British Columbia, the next two provinces with the most income, have also generally seen increases since April. According to Statistics Canada, weed retail revenue in Quebec in August was 44.6 million Canadian dollars and in British Columbia was 36.5 million Canadian dollars.
No matter which province, people should expect that as the degree of saturation approaches, another change will take place in the layout of Ontario cannabis retail land. It is expected that top companies and brands will acquire stores. For example, these stores may not have back-end efficiency and can no longer be profitable.
There is an explosive growth, which totaled US$232.7 million in July 2020, an increase of US$30 million from US$201.1 million in June. This is the largest monthly increase since the legal market opened two years ago.
There is no doubt that this is the summer of the expansion of Ontario cannabis retail locations, including access to communities like Yorkville and Reyside, where people prefer to see Cartier instead of dispensary stores and Marcelatis instead of Ontario cannabis.
Mergers have already begun, some of which have been in cannabis trials for two years and are expected to take place, followed by regular business performance reviews.
Prior to this, it is expected that stores in many provinces will continue to grow. The Ontario Cannabis Store (OCS), which is responsible for legal online sales, recently provided some incentives to encourage making a difference in the ongoing illegal weed market-40.1% of consumers surveyed stated that they were from illegal suppliers in 2019 Weeds were acquired, and a percentage of 51.7% in 2018-is operating.
The Ontario Cannabis Store report stated that from April 1 to June 30, the average price per gram of dried flowers on the provincial retailer’s website was US$7.05 (including tax), while the average price per gram of dried flowers on the illegal mail order website was US$7.98.
In addition to more cannabis stores, having more new formats of Ontario cannabis bodes well for the health of the entire industry. Various items from flowers to vape, external use, tincture, food and drink are provided as choices, making it easier for people who don’t want to light up their joints.
When marijuana was first legalized on October 17, 2018, for legal marijuana producers, such as Canopy Growth and Aurora, valued at billions of dollars, a major obstacle to economic success was the legal location to purchase marijuana in Ontario limited.
Along Eglinton Avenue, between Avenue Road and Chaplin Crescent, four legal marijuana shops have been opened or opened, currently in Leaside there are three.
Obviously, there are now more stores and more products available, but compare Canada’s latest single month total of 244.9 million Canadian dollars with the entire 2019 retail and online sales of 908 million Canadian dollars.