The Canada Cannabis Spot Index was assessed at C$5.93 per gram this week, up 1.2% from last week’s C$5.86 per gram. This week’s price equates to US$2,126 per pound at the current exchange rate.
This week, Cannabis Benchmarks provides an update on Canada’s recreational cannabis store count, which reached 1,484 as of the end of February. This is up by 742 stores, or 96%, compared to a year ago. Cannabis Benchmarks expect a similar growth trajectory to continue this year.
Steady growth on the national level belies differences in the four major provinces. Alberta’s retail sector seems to have reached its limit and Cannabis Benchmarks expects some stores to close due to strong competition.
British Columbia increased its store count at a steady pace in 2020, but we expect growth to slow in 2021 with few applications in the licensing queue.
Quebec’s provincially-controlled retail sector has been slow to expand, a trend Cannabis Benchmarks expects to continue this year.
Ontario continues to be the biggest driving force for new retail stores in Canada, driving strong sales growth in the province. Cannabis Benchmarks anticipates continued strong growth through 2021 and project an average of 65 new stores opening monthly through the end of this year.