Despite the massive cannabis product shortages that have plagued the newly legalized Canadian cannabis market since it opened for business back in mid-October, the budding industry still managed to make staggering sales in it's first two weeks. In total, Canada's licensed cannabis retailers made C$43 million (US$31,611,665) in sales, according to Statistics Canada figures released on Friday.
That's an average of more than C$3 million spent on weed every day for 14 days. And if that seems like a reckless amount to be spending on cannabis, keep in mind that Canadians buy more than C$60 million worth of alcohol each day on average.
Cannabis sales are likely to continue growing as the substance becomes increasingly normalized in the years ahead, and the amount of supply finally catches up to demand. Th $3 million per week figure will likely be dwarfed in 2019, when Ontario - Canada's largest province - finally opens cannabis retailers to operate alongside the online market, which is currently the only legal channel to buy cannabis in Ontario. On top of that, the federal government will legalize cannabis edibles by October 2019, which should see sales skyrocket.
H/T: BNN Bloomberg