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Canadians spent nearly $ 300 million on retail cannabis products in December 2020.
February 19, 2021 • • 1 day ago • • 1 minute read Photo by Richard Vogel / AP Photo
According to newly released data from Statistics Canada, Canadians spent nearly $ 300 million on retail cannabis products in December 2020.
It was the highest month of the year for consumer spending, up 14 percent from November when Canadians shed $ 261 million in cannabis products.
Nationwide, retail cannabis sales in 2020 were more than $ 2.6 billion. That’s a 117 percent increase from 2019, when sales hit $ 1.2 billion.
Earlier this month, Colorado also released its sales figures for the year, with the state grossing more than $ 2.2 billion, a record high. Analysts have identified the pandemic as one of the growth drivers.
Canadians also stocked up during the pandemic and saw better access to cannabis 2.0 products in 2020. After several delays, the new products – vapes, foods, beverages, themes, and extracts – launched in late 2019 and in the US early in 2020.
As of October 2020, groceries made up 17 percent of total sales, with more than 1.7 packaged units sold, and extracts made up 15 percent of sales. Flowers made up 68 percent of total sales.
Prohibition Partners, a global cannabis research firm, predicts that Cannabis 2.0 products have significant growth potential and could reach $ 416 million ($ 524 million) in sales by 2025.
According to a survey by the company, 48 percent of Canadians prefer to consume cannabis in edible form compared to just 36 percent who prefer flowers.
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