According to pretty much every Wall Street analyst and independent report, legal marijuana is the next great growth trend. Sales of legal weed have more than tripled on a global basis since 2014 to $10.9 billion, and are on pace to gallop higher by five to 18 times current levels by the end of the next decade, based on a variety of Wall Street projections.
Setting the blueprint for this growth in sales is our neighbor to the north, Canada. Even though Canada isn’t expected to come anywhere near the United States in terms of aggregate annual cannabis sales, it became the first industrialized country in the world to green-light recreational marijuana last year. Sales for adult-use cannabis commenced on Oct. 17, 2018.
Canadian weed sales in July hit a new all-time high
How has Canada fared since adult-use weed sales were launched? Let’s take a month-by-month look at licensed-store sales, as recorded by Statistics Canada (all data is reported in Canadian dollars, with U.S. dollar equivalency in parenthesis).
- October: CA$53.68 million ($40.48 million)
- November: CA$53.73 million ($40.52 million)
- December: CA$57.34 million ($43.24 million)
- January: CA$54.88 million ($41.39 million)
- February: CA$51.66 million ($38.96 million)