It has been just over two years since recreational cannabis has
been legalized in Canada. Each province and territory was charged
with setting up the rules for sale of recreational cannabis in its
jurisdiction. As one might expect in Canada, the regulatory regimes
vary and the rollout of retail has not be consistent, with some
jurisdictions opting for a lottery process and others allowing
anyone eligible to apply to open a store.
In Ontario, there were two lotteries prior to opening up
cannabis retail to the public at the beginning of 2020, which has
contributed to many more cannabis retail stores opening over the
last year. There are approximately 1,200 cannabis retail stores
open for operations across the country with the expectation that at
least another 1,000 will open over the coming year. Given that
Canadians spent $244.9 million on recreational cannabis in August
2020, which is $12.2 million higher than in July 2020 and
up $119 million year-over-year, with
