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by Stockwatch Business Reporter
The S&P/TSX Cannabis Index added 12.14 to 294.23, while the CSE Composite Index added 30.62 to 1,000.01. Canadian cannabis sales bounced back in December, according to the latest monthly data from Statistics Canada. It pegged December's sales at $298.4-million. This is up sharply from November's sales of $261.0-million, which had represented a rare month-over-month decrease from September's sales of $270.0-million.
Observers had been expecting a strong recovery for the holiday season. This one did not disappoint: The 14-per-cent increase from November to December, 2020, surpassed the 8-per-cent increase seen in the same months of 2019, and is nearly as large as the 19-per-cent increase that occurred between February and March, 2020 (a period that coincided with a lot of COVID-19-related stress, unemployment and sheer lockdown boredom). Now the question is whether cannabis retailers can hold onto the gains or whether, like many retailers, they will experience the dreaded January slump. That did not happen last year -- sales rose by 4 per cent from December, 2019, to January, 2020 -- but last January was blissfully unaffected by the pandemic.
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