Canadian Cannabis Sales Rebound In July

Statistics Canada released July retail sales for the country, with cannabis sales increasing from the June levels, up 1.6% to C$440.7 million. On a per-day basis, sales sales decreased 1.7%. June, originally reported at C$405.7 million, was revised much higher to C$433.7 million. The sales in July were down 3.9% from a year ago. This was down from the 19.8% August growth rate and below the prior lowest annual  growth rate since legalization commenced  of -2.8% in May.  In 2023, total sales increased 14.2% to C$5.16 billion, and in 2024 they have decreased 0.8% 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 3.8% from June and down 14% from a year ago. Alberta, which is the second-largest province, was up 1.7% from June and up 5% from a year ago. Quebec was up 2.0% from June and up 19% from a year ago, while British Columbia was down 2.7% from June as it fell 12% from a year ago.

Hifyre IQ had forecast July sales at C$476.0 million based upon its data, so this was below the estimate. The data analytics provider has been estimating August sales to be  2.8% higher, which would be 11.1% above the actual actual July level and up 4.4% from a year ago, based upon its data. Hifyre estimates sales outside of flower and pre-rolls at 29.4% in July and 29.6% in August.

The August sales data will be released on October 25th.

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