BofA Raises Canada Cannabis Store Forecast

June 10, 2021 8:27 AM EDT
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BofA Securities analyst Heather Balsky notes Ontario cannabis retail licenses are rising at a rapid clip. As a result, the firm is raising 2021 Canadian cannabis store projection to 2,600 from 2,500 prior. The analyst notes Ontario continues to approve 100+ retail licenses per month.

Balsky said the license count reached 2,241 at the end of May with the Ontario license count nearing 1,000.

The analyst highlights that retail stores are a key driver of the Canadian cannabis market’s growth.

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