British Columbia, a province known for its superb marijuana, has seen a significant increase in cannabis sales accompanied by a substantial decline in prices.
New data released by the by provincial Liquor Distribution Branch showed that there was an 18.8 per cent rise in the quantity of pot sold year-over-year during the first quarter of 2024. More than 36.4 million grams were purchased during the fiscal year’s three month period ending Jun. 30.
BC generated C$140.5 million from wholesale sales during the quarter — a 10.6 per cent increase in comparison to 2023.
The price of a dime bag also dropped substantially during Q1. By the end of June, one gram of cannabis cost 6.9 per cent less than last year for wholesalers at C$3.86.
This report also shows that there was a major increase in beverage sales, both sequentially and year-over-year. Over 763,000 more infused drinks were bought up during Q1 of the fiscal year than the same period in 2023. The province saw a 31.6 per cent rise year-over-year and 30.6 per cent increase sequentially.
Also, there was a major spike in edible sales in comparison to the fourth quarter of 2023’s fiscal year. British Columbia sold over 720,000 more baked goods, gummies and other munchies last quarter — a 48.5 per cent rise. A 19 per cent year-over-year spike in this regard was notable too.
There are now 20 more dispensaries in the province than there were at the end of Q1, 2023.
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Other provinces report favourable numbers too
British Columbia isn’t the only Canadian region that has observed an increase in pot sales.
Nova Scotia, a province known for the Trailer Park Boys and other things, reported a 7.3 increase year-over-year for the three month period concluding in June. A total of C$31.2 million was raked in from cannabis by the eastern province during the quarter.
Meanwhile, New Brunswick saw a 12.6 per cent spike in marijuana sales year-over-year during the period — bringing in an aggregate sum of C$27.4 million.
The legal cannabis segment in the Maritime province accounts for just under 50 per cent of New Brunswick’s entire industry, Cannabis NB has estimated.
CANADA | Cannabis NB sales up almost 13% with edibles up 17% and cannabis-infused beverages up 28%.#cannabisqc
To listen to the interview with Marie-Andrée Bolduc, Director of Communications, click on the link in the comments. pic.twitter.com/0UUrzVUUi8
— Association québécoise du chanvre et du cannabis (@AQICQC) August 22, 2024
rowan@mugglehead.com
