VANCOUVER — British Columbia sold $18 million worth of cannabis in the first six months of legalization, equal to 2,084 kilograms of pot.
The figures are contained in the liquor control branch’s annual report, which says supply shortages and slower provincial and municipal approvals resulted in the B.C. cannabis industry evolving at a slower rate.
It says Statistics Canada estimates $2.2 billion worth of cannabis was sold in the fourth quarter of last year across the country, but 65 per cent of it was purchased illegally.
The branch report says its strategy on pricing is focused on being competitive with the illegal market and there were 212,000 retail transactions through store and online sales, with an average transaction value of $74.38.
The report says managing inventory levels when there are product shortages and unknown customer demand is challenging.
When edibles are introduced, it says the industry will need to adapt again.
Branch CEO Blain Lawson says it had a $2 million revenue shortfall this year, due mostly to the upfront costs of adding the distribution and retail sale of cannabis to its operations.
The Canadian Press