Canada's pot gets cheaper, but black market still offers best deals

Dry flower is weighed in this file image

Dry flower is weighed in this file image

Canadians are buying a fraction of the legal risk that the government projected, according to estimates, that the market is proving irresistible for many consumers.

Statistics Canada urged people to be cautions about its crowdsourced pricing information noting it involves a relatively small sample size. Services, which owns Cannabis Benchmarks, in a phone interview. That has not happened yet.

A gram of cannabis purchased from government-sanctioned sellers cost C$10.23 ($7.68) in the third quarter, down 3.9 per cent from the prior three-month period, according to Statistics Canada. Meanwhile, a lottery system has been created to ensure that licenses are issued as soon as possible 24 cannabis shops open in Ontario, the country's most populous province.

"When you're in an oversupply situation, prices come down".

When it comes to the future of legal pot prices in BC a lot will depend on the province.

A number of observers have recently predicted lower prices from legal sources, citing a glut of pot in provincial warehouses, and oversupply in stores as they seek to make room for new edible, beverage and vape products set to be released in mid-December. "Plain and simple", Craig Wiggins of the cannabis industry research group TheCannalysts told Yahoo Finance Canada last week. While specific data on how much cannabis the black market produces aren't available, Wiggins estimates that the black market accounts for a whopping 86 per cent of cannabis sales in Canada.

"Cannabis was just such a case where everyone could try their best, as soon as possible", Wiggins said in a phone interview.

Shah and Wiggins now envision a scenario where dozens of cash-strapped marijuana producers for their market, while the black market will flourish for several years.

"Given the elevated inventory level now held by provinces, which we have anecdotally heard is largely the "mid-range" flower category, we believe provinces and retailers will likely implement price markdowns to accelerate product sell-through, "Chen wrote in a report to customers published Monday".

"Will we see facilities getting idled?"

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