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COVID-19 cannabis boom is over after spike in March, says Aurora interim CEO

Last Updated May 16, 2020 at 12:31 pm PDT

Chocolate edibles available for authorized retailers are displayed at the Ontario Cannabis Store in Toronto on Friday, Jan. 3, 2020. THE CANADIAN PRESS/ Tijana Martin
Summary

Canadians appear to be buying more pot during the COVID-19 pandemic

Michael Singer, with Aurora Cannabis, says people were stocking up in March

Singer says after the industry was deemed an essential service in several provinces, demand calmed down in April

EDMONTON — Aurora Cannabis Inc.’s interim chief executive says the COVID-19 boom in cannabis sales has dissipated.

Michael Singer says the demand for cannabis has returned to pre-COVID levels after people stocked up in late March when they thought the supply chain would be impacted and were unsure whether the industry would be deemed essential.

Singer says demand returned to normal in April, after the industry was designated as essential.

In Aurora’s third quarter, which ended March 31 and encompassed the first weeks many Canadians spent working from home and physical distancing, the company sold 12,729 kilograms of cannabis, amounting to 39 per cent more than the quarter before.

A spike was also seen in March and April by provincial pot distributors including Ontario Cannabis Store and Societe quebecoise du cannabis.

The SQDC wouldn’t say how sizable their increase was, but the OCS revealed in mid-April that its online orders tripled since COVID-19 started sweeping the country.