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February 22, 2019 at 02:00 PM
Canadians bought C$55 million ($41.8 million) of marijuana in the second full month of legal sales, a modest beginning for a market investors anticipate will become a multi-billion dollar industry.
Sales rose 3.7% in December from November’s initial tally of C$53 million ($40.3 million), Statistics Canada said Friday in a broader report on retail sales. The December sales bring the total since the market was legalized on Oct. 17 to C$152 million ($115.6 million).
With analysts estimating the market could eventually be worth at least C$5 billion ($3.8 billion) a year, there is still potential for sales to pick up as producers ease shortages of some strains and the province of Ontario starts opening a network of stores. Over the past two years, Canadian pot producers have seen their valuations rocket on expectations legalization will be a boon for business.
