A new report from Statistics Canada shows economic patterns in the country regarding the use of cannabis during 2017.
The data reveals C$5.6 billion was spent on medical and recreational cannabis during 2017. The spending demographic covers 4.9 million Canadians between the ages of 15 and 64.
The amount of money spent on cannabis was a 1.8-percent decrease from the amount previously projected by Stats Canada.
Titled “Provincial and Territorial Cannabis Economic Accounts, 2017,” the study, released on Monday (April 30), evaluates consumption of the drug throughout the country.
According to the data, the province of Nova Scotia edged out the rest to earn the highest per-capita usage in the country, amounting to 27.1 grams per person.
The provinces that followed it were BC with 24.6 grams of consumption per person and Alberta with 24.1 grams. Overall the entire country saw a consumption rate per capita of 21.1 grams.
“In 2017, the gross value added of the cannabis industry was [C]$2.8 billion,” the study says.
Alberta led the country in terms of the highest share of legal marijuana for medical purposes purchases with a 25.1-percent advantage. The province of Quebec finished the year with the lowest share.
Cannabis prices trending downward
When it comes to breaking down the cost of cannabis per province, the data reveals Quebec residents pay the lowest, with a $6.19 price tag per gram. Across all the provinces, however, the price of cannabis declined year-over-year from 2015 until 2017.
The average price of cannabis in Canada, according to the report, dipped from C$8.19 to C$7.82 and finally to C$7.25 in 2017.
“Prices for cannabis products have been generally trending downward in Canada since 2004,” the study explains. “Average prices in 2017 were lower than in 2016 for all provinces and territories.”
As the country prepares for the legalization of cannabis it will be important for investors to keep an eye on prices and which provinces become strongholds for the overall market share.
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).
Canopy Growth to Participate in BofA Securities Virtual Consumer & Retail Technology Conference on March 11, 2021
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) (“Canopy Growth” or “the Corporation”) announced today that EVP & CFO Mike Lee will be participating in a fireside chat at the BofA Securities Virtual Consumer & Retail Technology Conference on Thursday, March 11, 2021 at 9:30am ET .