The Canadian cannabis market is celebrating a recent stretch of successful results. The country’s adult use market saw sales reach a record CA$231 million in July, driving the market value to almost CA$2.8 billion.
July also saw Ontario’s government-controlled online dispensary, Ontario Cannabis Store, report that it had gotten dried flower prices below the illicit market during the first quarter.
The CA$7.05 average per gram price includes tax and is said to best the unlicensed market’s reported CA$7.98 cost. Data was gathered using Weedmaps and illicit market pricing information.
Focus Must Go Beyond Pricing
The price drop is just one concern the market must address to compete against the illicit space adequately.
“Ontario is getting close to the illicit market price point,” said Clint Sharples, CEO of Heritage Cannabis Holdings Corp. (CNSX: CANN). “However, the government as a whole needs to take a more holistic view of the cannabis industry in Canada.”
Taxes, mark ups and fees are making the illicit market a robust and profitable place to be, Sharples added.
Hello Cannabis chief operating officer Ryan Caruso also feels that price is just one aspect the legal space has to contend with.
“The price dropping down …