The Canada Cannabis Spot Index was assessed at C$5.99 per gram this week, down 3.2% from last week’s C$6.18 per gram. This week’s price equates to US$2,034 per pound at the current exchange rate.
This week we provide an update on store counts nationwide, with an emphasis on how growth in licensed retailers in Ontario is leading to expanded sales and increasing projections for future revenue in the province.
As of September, Cannabis Benchmarks counted 1,159 licensed cannabis retailers open across Canada, a figure that is increasing at an average monthly growth rate of 6.3%. Most of the 75 new stores open nationwide in September were in Ontario, where 178 retailers were operational as of last month.
With the pace of new store openings in Ontario increasing, we project sales in the province reached C$63.9M in September and will total C$655M for 2020. If the provincial store count continues to grow at the current pace, our initial estimates show sales in Ontario eclipsing C$1B in 2021.