Pot sales continue to explode, stores are booming

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Monthly cannabis sales in July roughly match what Canadians spent in shoe stores

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A booming market continues to swell – even during the pandemic – for an industry that is on.

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Cannabis sales hit another record high of $ 339 million in July nationally, according to Statistics Canada.

This compares to $ 232 million in July 2020.

The steady increase seems to go hand in hand with the number of retail entrepreneurs entering a market that seems to add a store every few days.

“I hope there is enough market for us to come in and be profitable and prosperous,” said Paul Macchiusi, president of Minerva Cannabis which will open in Bathurst near Dupont in October.

He and his business partner Byron Fabricius are putting the finishing touches on their store, which will be added to hundreds in Toronto.

“With the license you are allowed to open multiple stores in the province and we thought maybe this was the one – and the only one – that we are doing in Toronto and then we start looking for smaller places and a branch. far from here, ”said Fabricius, whose job as a manager in nightclubs and hotels has disappeared due to the pandemic.

So he switched to cannabis.

Annual sales in Canada reached $ 2.6 billion in 2020.

July was not just another record; it was also the second month in a row that Canadians’ cannabis retail spending roughly matched spending in shoe stores, according to Statistics Canada.

“The growth is encouraging for sure,” said George Smitherman of the Cannabis Council.

“You could say we’re maybe about half the projected market size so far. “

The Ontario Cannabis Store said the province reached 1,000 stores in August.

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The Retail Cannabis Council is encouraged by the monthly sales growth, but it is not certain that all retail stores will survive in the long term.

“You have a number of retailers who are just not going to make it because the government is not supporting them,” said Adam Vassos, cannabis lawyer and chairman of the board.

“They will have to consider some kind of limitation in terms of the density of stores by district or by street.”

This density is on the minds of Macchiusi and Fabricius as they enter a booming market.

“I think most of the time they will be bought out by companies or have to close,” Macchiusi said. “It’s going to be kind of a tightrope walk where stores are going to bleed for a while if they’re not careful with their inventory.”


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