Cannabis sales rose 19% in March as consumers loaded up on legal pot amid COVID-19 concerns
Cannabis sales in Canada spiked higher in March thanks to pantry-stocking and supply concerns. Statistics Canada said $181 million worth of cannabis was sold in March, up 19.2 per cent from the prior month. That one-month gain was one of the biggest monthly jumps since recreational pot was legalized in October 2018. Sales increases were observed in every province and territory, except for Prince Edward Island, which temporarily shut down pot stores that month. Quebec led the country with a 29-per-cent rise in pot sales from the prior month, while Ontario, Alberta and British Columbia also posted double-digit percentage gains.
Meta Growth shares sink as year-over-year revenue declines due to Alberta market
Shares of cannabis retailer Meta Growth plunged more than 20 per cent on Friday after the company reported disappointing second-quarter results. Meta Growth, which operates and owns 36 cannabis stores across the country, reported a $5.5-million loss in the quarter, while generating $13.6 million in revenue. That compares to $16.2 million in revenue and a loss of $5.6 million from the same quarter a year earlier. The retailer attributed its revenue decline to the concentrated Alberta market, and announced plans to continue expanding in Ontario where it currently operates two stores.
New York to give recreational legalization another shot to help boost tax revenues
New York state is on the pathway to legalizing recreational cannabis, according to Gov. Andrew Cuomo. Marijuana Moment said legalizing cannabis will help generate badly-needed tax revenue at a time when the state’s economy has been hit hard by the COVID-19 pandemic. Cuomo said he expects New York to legalize recreational cannabis during the next legislative session, according to the report. “I support legalization of marijuana passage. I’ve worked very hard to pass it,” Cuomo told reporters during a press conference Friday.
Americans consuming more cannabis, possibly hastening federal legalization
Americans are quickly embracing cannabis, consuming more than usual as they maintain a quarantine on COVID-19, Bloomberg News reports. That increased interest may help drive the federal government to legalize cannabis sooner than once was originally thought. Bloomberg said that while smoking can make people susceptible to a more severe case of COVID-19, Americans have been increasing their usage. One analyst firm found that U.S. cannabis consumers are consuming more pot than normal, with longer sessions and higher doses.
Cannabis Canada is BNN Bloomberg’s in-depth series exploring the stunning formation of the entirely new – and controversial – Canadian recreational marijuana industry. Read more from the special series here and subscribe to our Cannabis Canada newsletter to have the latest marijuana news delivered directly to your inbox every day.