Canada celebrates two years since legalization with record sales

Published Oct 28, 2020 11:00 a.m. ET
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It’s hard to believe that the decades-long struggle in Canada has been over for two years now. Still, it’s true, and the country’s residents seem to be warming right up to the idea, leading to some record sales figures that are mind-blowing compared to what we saw in the very beginning. It hasn’t been a comfortable ride the whole time, with ups and downs that to some were absolutely devastating, but we made it through those challenges and came out the other side better for the experience.

In the beginning

During the first month after federal marijuana legalization in the country took full effect, Canadians spent approximately $54 million on cannabis products. Given the time, this kind of success was a surprising feat, considering the lack of dispensaries and shortages that reached all stores in the region. This seemingly large amount was an indication of how much growing room there was for the industry based on acceptance, and things have done nothing but get better since then.

The evolution of the Canadian cannabis industry

In the beginning, legalization was widely celebrated. However, lacking menu options through legal and licensed dispensaries due to the dry flower being the only approved option being available to be sold. Of course, the wide selection of various strains kept consumers rolling in at an exponential rate. Still, nothing has boosted marijuana sales like the introduction of hotter more highly concentrated options such as oil and edibles.

Great things can happen in two years

Now, here we sit, two years later, according to Statistics Canada, marijuana sales in July reached an incredible $231 million. Which is nearly five times the amount raked in during the very first month of legalization, and that is a fantastic win for both consumers and industry players who are trying to make it big. In this one month alone, Canada saw a 15% increase in marijuana sales, the largest to be recorded thus far.

We now have more than ten times the number of dispensaries and a wide variety of cannabis products to chose from, but that’s not the only thing that’s convinced residents to choose legitimate sources over a still-thriving black market. It’s a severe reduction in average cost, paired with the unique blend of options that are genuinely reeling in the hearts and money of Canadian cannabis enthusiasts.

Where we can still improve

When you look at the amazing year we’ve had already, it might lead one to wonder what the possibilities could be moving forward, and the truth is that we still have a long way to go before the cannabis industry and market will be anywhere near full capacity because, at this time, all we have are pot shops. Eventually, Canadians will see other weed-based businesses such as cafes, restaurants, and even entertainment venues.

As they flourish, the expected revenue will surely reach for the stars along with the number taken of licenses and this will, in turn, open up new exciting and sometimes profitable opportunities both for enthusiasts and investors. Canada might not have rolled out legalization quite as smoothly as many of us had hoped, but we’re on a path towards success, and it’ll be incredible to see what happens over the next two years.

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