The Financial reports in its Thursday, Dec. 12, edition that retailers in Ontario sold the most cannabis of any province in the first year of legalization, even though there was only one on-line store and 24 brick-and-mortar stores in operation for most of that period, according to new Statistics Canada data.
The Post's Vanmala Subramaniam writes that Ontario accounted for $217-million in recreational cannabis sales -- or 24 per cent of the overall Canadian market -- from October, 2018, to September, 2019, followed by Alberta and Quebec, at $196=million and $195 million.
The year following legalization saw more than 400 brick-and-mortar stores established across the country.
Total adult-use cannabis sales from on-line retail stores amounted to $908-million from October, 2018, to September, 2019, far short of many estimates put out prior to legalization.
For instance, a June, 2018, report from CIBC estimated that legal cannabis sales could reach $6.5-billion by 2020, with the potential to yield $1-billion in earnings before interest, taxes, depreciation and amortization.
A similar report by Deloitte had forecast the legal cannabis market to generate $4.3-billion in sales in the year following legalization.
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