Ontario Leads Canadian Cannabis Sales

1 min readPublished On: September 23rd, 2024By HCN News Team

LOS ANGELES- Canada’s legal cannabis market continues to show strong performance, with sales exceeding $2.4 billion in the first half of 2024, according to data from Statistics Canada. The provinces driving these numbers were Ontario, Alberta, and Quebec, contributing $934.6 million, $440 million, and $343.1 million, respectively.

This surge in sales is in line with the broader growth of the cannabis industry in Canada, which legalized cannabis in 2018 with the passage of the Cannabis Act. For the 2022-2023 fiscal year, Canadians spent an average of $150 per person on cannabis products, totaling $4.7 billion. Currently, there are nearly 4,000 licensed retailers across the country.

In July 2024 alone, legal cannabis sales reached $440.7 million, marking the highest monthly total of the year, though slightly below the December 2023 peak of $448 million. Ontario once again led sales for the month with $164 million, followed by Alberta at $82 million, Quebec at $64 million, and British Columbia at $62 million. Despite the strong performance, July’s figures were $18 million lower than the same month in 2023.

Cannabis in Canada is subject to various taxes, including excise and sales taxes, which differ by province. A flat excise tax of 1 Canadian dollar per gram or 10% of the wholesale price, whichever is higher, is levied on cannabis flower and pre-rolls.

About the Author: HCN News Team

The News Team at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.