Ontario Cannabis Store generated $4.3 million in sales from cannabis 2.0 products in January

The Ontario Cannabis Store generated approximately $4.3 million in sales from cannabis 2.0 products last month, according to a statement issued by the provincial retailer Friday afternoon. 

$3.77 million came from sales of vape products and an additional $569,000 was generated from sales of edibles for the month of January. 

The figures included sales to retailers across the province and online sales through OCS.ca. 

“Every new product we introduce, every price drop we make and every authorized retail store that opens strengthens the legal marketplace,” says Cheri Mara, chief commercial officer at the OCS. 

There are currently 43 cannabis stores in Ontario, according to the latest update from the Alcohol and Gaming Corporation of Ontario. 

Cannabis 2.0 products, which includes vape pens, beverages, edibles and topicals first became available to consumers in some provinces in late December. The OCS carries over 70 different kinds of 2.0 products, ranging from vape pens to cookies and cannabis-infused tea. The sales figures for January came from 54 different vape products and 24 brands of edibles. 

The OCS indicated they were experiencing a shortage of edibles, in particular, with current supply levels from licensed producers insufficient to meet demand. 

“$3.7 million in vape sales is pretty good. Ontario cannabis sales overall were about $33 million last month, so we’re getting a good 10 per cent bump from just vape products,” said Michael Armstrong, professor of operations management at Brock University. 

“I hope this is a sign that the OCS is becoming more open about sharing sales data with the public,” Armstrong added. 

The provincial wholesaler also announced it would begin selling cannabis beverages and topicals this week.

Licensed producer Tilray Inc.’s CBD beverage, under the High Park brand, is expected to hit stores this week, while two different flavours of beverages from cannabis extractor Valens’ Basecamp brand will be shipped to stores starting next week, the OCS said. 

The first legal topical product from licensed producer 48North’s Apothecanna brand will also start arriving in retail stores and OCS.ca starting next week, the statement said. Topicals are cannabis-infused gels, lotions and creams. 

“Given limited initial supply of these two new categories, the OCS will prioritize shipments to authorized retail stores,” the statement said. 

Financial Post

• Email: vsubramaniam@nationalpost.com | Twitter: VanmalaS