In 2019, Canadians bought 88,876 kg of legal dried flower, spending a total $1.01B in the first full year of legalization. (Here’s a helpful graph from the Cannalysts showing sales per province per month.) Sales by weight have nearly tripled since legalization.
Bloomberg, Twitter—David George-Cosh, Cannalysts
- By October, REC retail sales—which have been continually improving since the supply shortage began easing in March—hit $128.9M, more than doubling March’s $60.9M sales. Prices declined slightly, as spending on illicit cannabis declined and legal REC spending increased.
- However much we complain about the price of Canadian legal REC, it’s cheaper than in the US, (as I discovered in Las Vegas last week.)
After a year of losses that left pot stocks at their lowest levels in more than two years, the New York Times noted, “No one wants to invest in [cannabis] now.”
New York Times
Cannabis stocks ended the year with among the most expensive borrowing fees for short selling. Short sellers have gained USD$993M to date in 2019.
To Russia’s delight, Canada remains out of compliance with a number of international drug treaties to which it’s a signatory.