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Cannabis Summary for Sept. 23, 2021

2021-09-23 20:13 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added 2.46 to 142.30, while the CSE Composite Index added 1.83 to 660.69. Canadian cannabis sales reached another monthly record in July, according to Statistics Canada. The total amount of cannabis sold across the country reached $338.8-million in July. This is a 6-per-cent increase from $319.1-million in June and a 46-per-cent increase from $232.7-million in July of last year.

The province behind most of the year-over-year increase is Canada's largest market, Ontario. Its sales soared by more than 100 per cent to $126.6-million in July from just $60.3-million a year earlier. As discussed last Friday, Ontario recently surpassed 1,000 cannabis stores, the regulator having loosened the reins and allowed a nearly tenfold jump in one year. Ontarians wasted no time flooding into the new stores. In July, 2021, the difference between sales in Ontario and sales in Canada's second-largest market, Alberta, was less than $10-million (Ontario was at $60.3-million and Alberta $51.7-million). Now Ontario's sales are more than double Alberta's (at $126.6-million compared with $60.6-million).

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