Canadians have been stocking up on cannabis amid COVID-19.
The coronavirus pandemic has touched every part of the world but luckily for Canadians, cannabis is legal for recreational purposes across the country. That being said, there was a massive spike in cannabis sales across Canada in the month of March. In fact, sales were among the highest they've ever been since the federal government legalized cannabis in 2018.
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The Canadian government ultimately dubbed alcohol and cannabis sellers as essential services during the pandemic, though that didn't stop anyone from stockpiling on weed. Statistics Canada revealed that sales went up by 19% leading to a total of $181M worth of cannabis products being purchased. The strange thing about it is that this comes at a time when the retail market in Canada as a whole is facing a 10% decline.
Several provinces saw a major spike in sales. Ontario, for example, sold $47M that month at less than a 100 stores while Alberta moved $40M worth of cannabis products in the month of March through 400 stores. Quebec had the biggest spike in sales by 27%. QC, the province that has 62% of coronavirus-related deaths in Canada, went from $29M to $37M in sales in a month.
Even with sales going up, the people being hit the hardest are still private retailers. With the provincial sellers dominating online sales, private provincial retailers are having a tough time competing.
If you're interested in more cannabis-related content, check out our article, "All The Smoke: Hip-Hop's Capital In The Multibillion-Dollar Cannabis Industry."