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Cannabis Summary for Nov. 23, 2022

2022-11-23 19:36 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added a fraction to 43.24, while the CSE Composite Index added 8.72 to 280.57. Canadian cannabis sales stayed flat in September, coming in at $389.8-million, according to data released this morning by Statistics Canada. This was unchanged from $389.8-million in August. (When first published last month, August's figure was $393.3-million -- a record, if only slightly higher than the prior record of $392.8-million in July -- but StatsCan often makes adjustments as it verifies more data.)

On a year-over-year basis, sales were up from $347.4-million in September, 2021. Roughly half of the dollar increase came from Canada's largest cannabis market, Ontario, where year-over-year sales rose to $155.5-million from $135.0-million. Alberta and British Columbia also notched noticeable increases, rising to $68.6-million from $60.6-million and to $59.4-million from $49.1-million, respectively.

Not every province is participating in the increases. In Quebec, which is Canada's second-largest province by population but only its fourth-largest cannabis market, year-over-year sales edged down to $49.7-million from $51.3-million. The Quebec government maintains a monopoly over cannabis stores and has fewer than 100 of them across the province, in stark contrast to Ontario's private-retailer-heavy store count of nearly 1,700. Quebec also prohibits some popular products such as cannabis-infused chocolates or gummies, saying they are too appealing to children. Those who wish to munch on their cannabis products must generally stick to options like infused dried beets or figs -- or, more commonly, head to the black market instead.

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