What happened

Cannabis stock investors were clearly fired up on Wednesday, bidding up the shares of Canadian players Canopy Growth (NASDAQ:CGC), Tilray (NASDAQ:TLRY), and Aurora Cannabis (NASDAQ:ACB). Canopy Growth was the champ of the trio, advancing by 3.2% on the day, while both Tilray and Aurora rose by just under 3%.

So what

On Wednesday. the see-saw that is publicly traded marijuana was on an up cycle. The likely catalyst was the latest official figures from Statistics Canada. These show that cannabis sales climbed by over 5% on a month-over-month basis to hit $244.9 million Canadian ($186 million) in August -- a new monthly record.

Marijuana flower with Canadian flag in the background.

Image source: Getty Images.

Better, all of the country's 13 provinces and territories recorded increases, and not only for August -- they have now notched gains for three months in a row. Paving the way was the most populous province, Ontario, which collectively spent just under CA$67 million ($50.9 million) during the month, a 10.9% increase.

Now what

While we can attribute at least some of the continued gains to the isolation of the coronavirus pandemic, a growth rate of 5%-plus is highly encouraging regardless, particularly considering that every part of Canada is contributing.

This is a good sign for Canopy Growth, Tilray, and Aurora, as they are all multi-faceted cannabis businesses active throughout the country. While the marijuana industry faces a host of daunting challenges, it's increasingly obvious that consumer demand for product is not one of them.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.