Back in June 2019, cannabis sales in British Columbia brought in $4.2 million in revenue. This past June, that number rose to a staggering $29.4 million. Statistics Canada reveals these numbers rose from $91.7 million to $201 million nationwide for the same month.
In total, the overall Canadian cannabis market grew 120 percent. However, in British Columbia alone, that number grew by nearly 600 percent.
Deepak Anand, a cannabis industry analyst, looked into this matter and found that British Columbia has more retail outlets than any other district. Currently, there are 225 and another 57 expected to open later in the year.
With a total of 1,057 licensed cannabis shops, Canada averages one store for every 35,600 people. However, in British Columbia, it’s closer to one cannabis store for every 22,222 people.
One of the fastest-emerging market categories was cannabis vape products. Akand noted, “As a result, sales are higher now that new product forms are available.”
Still, such an increase in sales is almost unheard of—even in U.S. states where cannabis is legal for recreational use in many states. Not to mention, this all happened during a global pandemic when almost two million Canadians lost their jobs.
While this remains only theory, it’s safe to say the COVID-19 lockdowns had an impact on sales. Large amounts of people were prone to both stress and depression, and there are only so many ways to subside these feelings. Legal cannabis may have served as a refuge for a large number of Canadians.
It’s also worth mentioning that public opinion of cannabis is changing in Canada. Back in 2018, it was determined that Canadians were split practically 50/50 when it came to whether or not cannabis should be legalized. While there’s currently no data for 2020, it’s safe to say that, after a year and a half of legalization, more are open to the idea of cannabis—especially in British Columbia.