Canadian Medical Cannabis Patient Count Growth Accelerates
Health Canada, which oversees Canada’s medical marijuana program, released quarterly data on 10/21 for the quarter ending 6/30. The timing was quite odd, coming just a day after the national elections that led to a change in control of the Parliament. Last quarter, the government agency released data about 50 days after the end of the quarter rather than 113. In any event, this long-awaited data is finally here!
The program began on 4/1/14, so this is the 5th quarter and the first year-over-year comparison. As the chart above suggests, production outstripped demand during the quarter, with 1.371mm grams sold and 2.212mm produced. Consequently, inventory rose to 5.58mm grams from 4.481mm. Production has exceeded sales in all 5 quarters of the program’s history. There are a couple of possible explanations for this trend, including the presence of a few LPs that aren’t yet licensed to sell and, more of a factor, the...
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