Thursday will mark one year of legal REC in Canada, and this week's most striking figure is that Canadians only bought $1.1B worth of legal cannabis (REC and MED) in that time. That represents roughly 105,000 kg of an estimated 924,000 kg of dry flower consumed across the country annually.
Retail is working best in Alberta, which cracked 300 REC stores this week, one for every 14,571 residents. Newfoundland follows with one license per 20,862. Quebec, meanwhile, has one license per 404,046, and Ontario has one per 606,039 Ontarians.
Fewer than 10% of users burned through two thirds of all cannabis consumed in Canada in 2018. The group is largely composed of men aged 15 to 34, which mirrors patterns of excess alcohol consumption.
Prince George Citizen, Vancouver Sun
The as-yet untested ingestibles and extracts markets are a source of hope. Edibles and beverages producers are confident their products will appeal even to new REC consumers and extractors expect to be busy for some time filling orders for companies making ingestibles, vape pens, and topicals.
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The average gram of legal dry flower cost $10.23 in Q3 2019, down 3.9% from Q2—the first time legal REC prices have declined since legalization. Yet during the same period, an average gram of illicit flower dropped 5.9% to $5.59. Since legalization, legal REC prices have increased by 4.9%, as illicit cannabis prices have dropped 12%.
Hexo, one of the principal suppliers to the Sociéte Québécoise du Cannabis, abandoned its guidance on fiscal 2020 and warned investors its Q4 revenue—which it originally projected to be twice Q3's $13M—would likely only reach between $14.5M and $16.5M.
CEO, Critical Mind Inc., Adelanto CA Affiliations: CA State Bar; Board member, Adelanto Growers Association
Critical Mind, Inc. is a Medical Cannabis Cultivation and Manufacturing Facility located in Adelanto, CA. Providing the highest quality Cannabis products. Compliance without Compromise! criticalmindinc.com
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Quebec's CAQ government is appealing a Superior Court ruling from early September tstruck down two sections of Quebec's Cannabis Regulation Act prohibiting home cannabis cultivation.
CanLii, CBC Montreal
The Quebec government's REC retail monopoly, meanwhile, seems healthy if tentative. SQDC president and director Jean-François Bergeron announced plans to double the number of SQDC retail outlets by March.
Canadian LPs who've pegged their fortunes on vape extracts are cautiously optimistic that the US vape-illness crisis won't hit the soon-to-be-launched Canadian industry as hard as some worry it might.
The Newfoundland REC retailer with a strong claim to having sold the first legal REC in Canada last year announced that on Wednesday, the Royal Bank of Canada deemed his account "high risk" and cancelled it. Proprietor Thomas H. Clarke said he has been forced to go cash-only.
Maclean's, CBC Newfoundland and Labrador, VOCM
Winnipeg premier Brian Pallister announced it would be illegal to consume cannabis edibles in public in Manitoba after they become legal.
A customer at an NSLC Cannabis store in Cape Breton, Nova Scotia was handed a one-gram package of Canopy's Tweed Houndstooth cultivar on which the seal was broken, and the package contained nuts and bolts along with dry bud.
One self-described "seasoned" cannabis user complained to the Ontario Cannabis Store after the cannabis she purchased caused her to have a "bad trip," but the OCS said "the dizziness and disorientation she felt was a common side effect of using cannabis." They refused to give her a refund.
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