Canadian Cannabis Sales Plunged in November – New Cannabis Ventures

Statistics Canada released November retail sales for the country, with cannabis sales decreasing from the strong October levels, down 6.2% to C$412.1 million. October was revised lower to C$439.3 million. The sales, which fell 3.1% on a per-day basis, were up 10.1% from a year ago, down from the 19.8% August growth rate and the lowest annual  growth rate since October 2022. In 2022, total sales increased 17.9% to C$4.52 billion, and they have increased 13.2% during the first ten months of 2023.

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 down 13.0% from October and up 4% from a year ago. Alberta, which is the second-largest province, was down 3.7% from October and up 11% from a year ago. Quebec was up 2.0% from October and up 8% from a year ago, while British Columbia was down 3.1% from October as it advanced 21% from a year ago.

Hifyre IQ had forecast November sales at C$427.4 million based upon its data, so this was below the estimate. The data analytics provider has been estimating December sales to be 7.8% lower, which would be 11.8% above the actual actual November level and up 8.2% from a year ago, based upon its data. Hifyre estimates sales outside of flower and pre-rolls at 30.6% in November and 31.7% in December.

The December sales data will be released on February 22nd.

Published by NCV Newswire

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