Canada Cannabis Spot Index (CCSI)
Published May 3, 2019
The CCSI moved higher by 1.4% to C$7.09 per gram this week, from last week’s C$6.99 per gram. It appears price volatility has diminished as Canada’s market starts to work out supply issues. This week’s price equates to US$2,393 per pound at current exchange rates.
This week we take a look at retail sales by province. This data, which is released monthly by Statistics Canada, reports total cannabis store sales. We assume this includes both online and brick and mortar sales.
With five months of data now available, total sales each month have hovered around C$54 million, or C$1.8 million per day across Canada. February data shows a downturn in sales in almost every province except Quebec, Manitoba, and British Columbia. The largest drop was experienced in Newfoundland and Labrador where total sales plunged 28% compared to January.
Looking specifically at the distribution of February sales by province, we can see that Ontario, Quebec, and Alberta lead the way in sales, accounting for 63% of the retail cannabis revenues generated nationwide. This should be no surprise as these three provinces are home to 73% of Canada’s population.
Interestingly, licensed retailers in British Columbia, the third most populous province, generated only 4% of total Canadian sales in February. This discrepancy indicates that the black market is still capturing much of the province’s demand.