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Canadians are eating up new cannabis regulations that finally welcomed vape cartridges and infused edibles to the Great White North’s nationwide legal weed market.
In a new report from cannabis regulators, and first covered by the Financial Post, Ontario’s licensed cannabis dispensaries sold $4.3 million worth of newly-allowed products in the month of January. The rollout of vapes and edibles has been described as Cannabis 2.0 by local officials; $3.77 million came from vape sales, and $569,000 came from edibles sales in January.
The full scope of Canada’s Cannabis 2.0 products include edibles, vape carts, infused beverages, and topicals. But at the province-run Ontario Cannabis Store (OCS), and in dispensaries in cities like Toronto and Ottawa, beverages and topicals have not yet made it to market. Once infused drinks hit pot shop shelves, industry officials expect another sales spike.
“Every new product we introduce, every price drop we make, and every authorized retail store that opens strengthens the legal marketplace,” Cheri Mara, chief commercial officer at the Ontario Cannabis Store, told FP.
During the first year of legalization, Ontario in particular struggled to open enough dispensaries to serve its massive metropolitan areas. Combined with nationwide product shortages, the access barriers significantly limited early Ontario sales figures. But with the debut of Cannabis 2.0, local industry experts say that overall sales spiked upwards of 10%, suggesting incremental progress as more dispensaries open and product selection expands.
“$3.7 million in vape sales is pretty good,” Michael Armstrong, professor of operations management at Brock University, told the Financial Post. “Ontario cannabis sales overall were about $33 million last month, so we’re getting a good 10 per cent bump from just vape products.”
Ontario dispensaries are expected to debut their first THC-infused beverages this week, potentially adding another boost to the province’s cannabis industry.
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