Canadian Cannabis Sales Increased In April – New Cannabis Ventures
Statistics Canada released April retail sales for the country, with cannabis sales increasing from the March levels, up 5.3% to C$428.6 million. On a per-day basis, sales sales rose 8.8%. March was revised lower to C$406.8 million. The sales were up just 4.4% from a year ago. This was down from the 19.8% August growth rate and up from the lowest annual growth rate (in March) since legalization commenced of 0.1%. In 2023, total sales increased 12.5% to C$5.09 billion, and in 2024 they have increased just 3.0% from a year ago.
An increase in the number of stores as well as falling flower prices that bring consumers from the illicit market have been boosting sales. In Ontario, the largest province in population, sales were up 3.9% from March and down 5% from a year ago. Alberta, which is the second-largest province, was down 0.6% from March and up 5% from a year ago. Quebec was up 14.5% from March and up 26% from a year ago, while British Columbia was up 8.1% from March as it fell 2% from a year ago.
Hifyre IQ had forecast April sales at C$445.9 million based upon its data, so this was far above the estimate. The data analytics provider has been estimating May sales to be 4.5% higher, which would be 8.7% above the actual actual March level and up 12.1% from a year ago, based upon its data. Hifyre estimates sales outside of flower and pre-rolls at 30.7% in April and 30.0% in May.
The May sales data will be released on July 19th.
