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Cannabis Watch: Canada’s black market for cannabis remained strong in fourth quarter

Cannabis stocks were mixed on Monday as new data emerged about the state of Canada’s legal market and Aurora Cannabis Inc. completed its acquisition of a British Columbia–based medical weed company.

Data from the Canadian government shows that the black market for cannabis remained strong in the fourth quarter of 2018, accounting for C$1.17 billion ($878.7 million) of sales, compared with $307 million in legal sales.

The black-market purchases were 8% lower than in the third quarter, the first to follow full legalization of cannabis for adult recreational use on Oct. 17. On a percentage basis, illegal sales accounted for 79% of the overall market, down from 90% in the third quarter, the data showed.

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