Canadian Cannabis Sales Soar in December

Statistics Canada released December retail sales for the country, with cannabis sales increasing from the November levels, up 10.0% to a record C$499.7 million.  This was an increase on a per-day basis as well. November, originally reported at C$452.8 million, was revised higher to C$454.1 million. The sales in December were up 11.4% from a year ago. This was down from the 20.3% August 2023 growth rate and above the prior lowest annual  growth rate since legalization commenced  of -2.8% in May.  In 2024, total sales increased 1.5% to C$5.24 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 11.2% from November and up 4% from a year ago. Alberta, which is the second-largest province, was up 19.2% from November and up 16% from a year ago. Quebec was up 10.1% from November and up 9% from a year ago, while British Columbia was down 2.7% from November as it rose 10% from a year ago.

Hifyre IQ had forecast December sales at C$505.5 million based upon its data, so this was below its estimate. The data analytics provider has been estimating January sales to be 8.4% lower, which would be 7.4% below the actual December level and up 15.2% from a year ago, based upon its data. Hifyre estimates sales outside of flower and pre-rolls at 31.3% in December and 32.0% in January.

The January sales data will be released on March 21st.

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