Canadian Cannabis Sales Stable in September

canadian-cannabis-sales-stable-in-september

November 22, 2022 at 8:55 am

Statistics Canada released September retail sales for the country, with cannabis sales increasing from August marginally to C$389.9 million. August was revised from C$393.7 million to C$389.9 million. The sales were up 12.2% from a year ago, down from the reported 13.0% August growth rate that was revised to 11.9%, the lowest since legalization began. In 2022, total sales have increased 19.5% compared to the first nine months of 2021 to C$3.3 billion.

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 1.1% from August and up 15% from a year ago, reflecting the increase in the number of stores. Alberta, which is the second-largest province, was up 2.0% from August and up 13% from a year ago. Quebec was down 2.5% from August and down 3% from a year ago, while British Columbia was up 0.6% from August as it advanced 21% from a year ago.

Hifyre IQ had forecast September sales of C$374.9 million based upon its data. The data analytics provider has been estimating October sales to be 0.4% lower, which would be 3.9% below the actual actual level and up 5.0% from a year ago, based upon its data. Hifyre estimates non-flower sales at 28.9% in September and 29.5% in October.

The October sales data will be released on December 2oth.

Alan Brochstein, CFA

Based in Houston, Alan leverages his experience as founder of online community 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email

Get Our Sunday Newsletter


Free weekly Newsletter

A weekly breakdown of forecasts and trends

Enter your contact info to get The Financial Gambits VIP Newsletter for FREE.

We hate spam as much as you, if you dont like it just unsubscribe and we will never bother you again 

FREE DOWNLOAD

Learn how the spacial web will change the course of our lives and how to identify companies that show the most promise.