Manitoba residents have been spending an increasing amount of money on legal marijuana products. Revenue growth in the province’s cannabis sector has been significantly outpacing alcohol sales, and gambling.
This was a key finding of the latest annual report from Manitoba Liquor & Lotteries. Therein, the provincial Crown corporation reported a C$16.5 million or 10.7 per cent year-over-year increase in cannabis revenue between Mar. 31 2024 to the end of Q1 this year. The total came to C$170 million during the 12-months.
Alcohol only yielded C$14.27 million more while casinos generated C$11 million more than the previous fiscal year.
While alcohol continues to be the top revenue generator for Manitoba, pulling in C$888 million during the period, the latest data has shown that weed’s popularity is growing significantly faster than booze and gaming.
This boost of reefer revenue was largely fuelled by purchases of extracts and flower. It can be significantly credited to a greater number of stores throughout the province.
Extract sales rose by 19.6 per cent year-over-year to C$59.8 million while flower generated almost C$99 million of the total.
As of Mar. 31, there were 229 dispensaries in Manitoba — 24 more than the previous year.
High Tide Inc. (CVE: HITI) (NASDAQ: HITI) (FRA: 2LYA), Simply Solventless Concentrates Ltd. (CVE: HASH) (OTCMKTS: SSLCF) subsidiary Delta 9 Bio-Tech, Aurora Cannabis Inc. (TSE: ACB) (NASDAQ: ACB) (FRA: 21P) and Prairie Trichomes are some of the province’s key players.
Read more: Canadian medical cannabis exports to Australia skyrocket in 2024
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