Canada Reports a Record Amount of Recreational Cannabis Sales in June!!!

During the month of June, more than C$377 ($290.8 million) million of recreational cannabis products were sold in Canada (according to Statistics Canada). This amount was a new monthly record for the country’s recreational cannabis industry and was approx. 1% higher than the prior month.

In May, Canada reported a record amount of recreational cannabis sales and we are impressed with how the sector has grown so far this year. We attribute the revenue growth to a higher number of recreational cannabis dispensaries in certain provinces of the country and an improved product offering for consumers.

Ontario is the biggest province in Canada (by population), and it accounted for CA$152.2 million of recreational cannabis sales in June. This amount was more than 3% higher than the prior month and we consider Ontario to be one of the most important markets in the country.

A data point from Statistics Canada’s June report that surprised us was the declining recreational cannabis sales in British Columbia and Quebec (when compared to the prior month). We are surprised to see a revenue decline in British Columbia and consider the province to be an emerging cannabis market.

During the last month, we have noticed positive momentum in the Canadian cannabis sector. We are of the opinion that the change in momentum has benefited Licensed Producers (LPs) and have been closely following several high-profile operators which recently reported quarterly financial results.

We consider 2023 to be an important year for the cannabis sector and hope to see a change in regulations in the United States (US). Although we consider North America to be the most important region for the cannabis industry, we are bullish on the opportunity in the European Union (EU) and want our readers to be aware of how the sector has advanced on a year-over-year basis.

If you are interested in learning about Canadian cannabis companies which have benefited from the recent rally, please send an email to support@technical420.com with the subject “Leading Canadian Cannabis Operators” to be added to our distribution list.

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Michael Berger is Managing Partner of StoneBridge Partners, LLC and Founder of Technical420.com. Prior to entering the cannabis industry, Michael was an Equity Research Analyst at Raymond James Financial covering the Energy Sector. Michael has been featured in publications such as The Street, Bloomberg, US Money News, and hosts various cannabis events across North America.

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