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Cannabis Watch: Canadians were expected to buy $1 billion in legal weed, but major pot companies disclosed just $2 million in sales. So what happened?

Within days of Canada’s legalization of adult recreational use of marijuana, the country’s largest pot producers had shipped far less than 1% of the pot the government has forecast Canadians will spend on cannabis in the quarter.

Amid a rush of earnings reports this week, the most notable result was the relative lack of profits, or even that much revenue, from recreational pot sales in Canada for a period that ended less than three weeks before the public was able to buy. With Statistics Canada estimates of sales hitting C$1 billion in the first quarter of availability, five major producers reported a total of C$1.7 million in recreational sales, and none gave revenue forecasts for the launch quarter.

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