CAN: Legal cannabis spending outmatched illicit market for the first time in Q2

Canadian household spending on legal cannabis in the second quarter of the year outpaced the illicit market for the first time, marking a significant milestone for the licensed pot industry.

Statistics Canada said Friday that Canadian household spending on recreational cannabis reached $648 million in the second quarter of 2020, an increase of 74 per cent from the same period last year. Meanwhile, spending on medical cannabis was flat at $155 million in the second quarter, StatsCan said. 

Canadian household spending on illicit cannabis fell to a new low of $784 million in the second quarter, StatsCan added. Taken together, the legal cannabis market now accounts for 50.5 per cent of all pot-related spending in Canada. 

"The progress is there and there's more progress to come," George Smitherman, chief executive officer at the Cannabis Council of Canada, told BNN Bloomberg in a phone interview. 

Read more at bnnbloomberg.ca


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