Pot sales continue to explode, with stores abounding

Monthly cannabis sales in July just about matched what Canadians spent in shoe stores

Article content

An exploding market continues to balloon — even during the pandemic — for an industry that is lit.

Article content

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

That compares to $232 million in July 2020.

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

“I hope there’s enough of a market for us to step into and be profitable and successful,” said Paul Macchiusi, President of Minerva Cannabis set to open on Bathurst near Dupont in October.

He and business partner Byron Fabricius are putting the finishing touches on their shop, which will add to hundreds in Toronto.

“With the license, you’re allowed to open up multiple stores in the province and we’ve thought about maybe this is the one — and the only one — we do in Toronto and then we start looking for smaller places and branch away from here,” said Fabricius, whose job as a manager in the nightclub and hospitality business disappeared due to the pandemic.

Article content

So, he switched to cannabis.

Yearly sales in Canada hit $2.6 billion in 2020.

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

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

“You might say that maybe we’re around half of the projected size of the market so far.”

The Ontario Cannabis Store said the province reached 1000 stores in August.

The Retail Cannabis Council is encouraged by monthly sales growth, but it is not sure all retail stores will survive long-term.

“You have a number of retailers that are just not going to make it because the government’s not supporting them,” said cannabis lawyer and President of the Council Adam Vassos.

“They’re going to have to look at some kind of a limitation in terms of what the density is of the stores per neighbourhood or per street.”

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

“I think mostly they will be bought out by corporate or have to shut down,” said Macchiusi. “It’s going to be somewhat of a tightrope walk where stores are going to be bleeding for a while if they’re not careful with their inventory.”


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin
On Key

Related Posts


Russtrat world

A diplomat instead of a child prodigy

MOSCOW, 16 Oct 2021, RUSSTRAT Institute.   Formally, the current crisis in Vienna lasted no more than a weekend. On Saturday, 35-year-old Chancellor Sebastian Kurz,