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British Columbia Legal Cannabis Sales Surge Amidst Challenges
Legal cannabis sales in British Columbia (B.C.), Canada, have skyrocketed with a remarkable 40.9% increase in grams sold, reaching a total of 33,879,347 in the quarter ending September 30, 2023. Despite this growth, the industry is grappling with fierce competition, leading to an 11.7% year-over-year decline in average prices.
Key Points:
- Market Growth: B.C. experiences a substantial surge in legal cannabis sales, reporting an impressive 40.9% increase in grams sold.
- Price Pressure: Despite the surge in sales, average cannabis prices witness an 11.7% year-over-year decline, impacting overall revenue growth.
- Competition Rise: The British Columbia Liquor Distribution Branch (BCLDB) reports an 8.4% rise in legal cannabis stores in B.C. over the past year, reaching a total of 490.
- Consumer Behavior Shift: Crimped household budgets during the pandemic led consumers to buy in bulk for discounts, impacting sales frequency and product choices.
- Taxation Challenges: High taxes pose challenges for legal cannabis businesses to ...