One year ago, marijuana stocks were about the hottest investment on Wall Street. Today, they’re considered an investment that some wouldn’t touch with a 10-foot pole.
The expectation had long been that Canadian pot sales would skyrocket as soon adult-use weed received the green light in licensed dispensaries. Unfortunately, things didn’t go as planned, with persistent supply issues keeping product off retail shelves, thereby allowing the black market to thrive.
Canadian marijuana sales surged to an all-time high in December
However, according to recently released monthly sales data from Statistics Canada, it looks as if our neighbor to the north might finally be turning the corner.
In the latest release, which details retail sales data from all industries in December, licensed cannabis store revenue leaped to an all-time high. After surpassing $100 million (that’s U.S.) in sales for the first time in November, they topped $110 million in December.
Here’s a rundown of licensed cannabis store sales since adult-use weed first appeared on dispensary shelves on Oct. 17, 2018. It should be noted that Statistics Canada reports in Canadian dollars (CA$), so I’ve included the U.S. dollar equivalency in parentheses.
- October 2018: CA$53.68 million ($40.47 million)
- November 2018: CA$53.73 million ($40.51 million)
- December 2018: CA$57.34 million ($43.23 million)