Canadian cannabis producers Tilray Inc and Aurora Cannabis Inc on Tuesday, May 14 reported an increase in quarterly revenue due to increased demand for goods after the legalization of recreational cannabis in the country.
Canada was the first industrialized country to legalize the use of cannabis for recreational purposes in an effort to defeat the black market.
According to Tilray Inc, the total kilogram equivalent of cannabis sold in the first quarter more than doubled to 3,012 kg. However, the average selling price per gram fell from $ 5.94 last year to $ 5.60 this year.
“Our growth at the international level and in Canada is still limited by the lack of supply, which, according to our expectations, should improve over time,” said Tastray CFO Mark Castaneda during a conference call with analysts.
The company said that according to its forecasts, supply and demand for goods reached equilibrium in about a year or two. According to Aurora Cannabis Inc, sales of marijuana from 6,999 kg in the second quarter rose to 9,160 kg in the third quarter.
Total cannabis sales in Canada’s consumer market in the third quarter grew to $ 29.6 million ($ 21.99 million) from $ 21.6 million ($ 16.05 million) in the second quarter.
