BC Helps Drive Canadian Cannabis Sales Higher in April

Statistics Canada released April retail sales for the country, with cannabis sales rising from the March levels, up 1.3% to C$411.7 million. March was revised slightly higher to C$406.4 million. The sales, which rose 4.7% on a per-day basis, were up 10.3% from a year ago, down from the 13.1% March growth rate. In 2022, total sales increased 17.9% to C$4.52 billion, and they have increased 12.4% thus far in 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 up 1.5% from March and up 7% from a year ago. Alberta, which is the second-largest province, was up 0.4% from March and up 12% from a year ago. Quebec was down 4.2% from March and down 3% from a year ago, while British Columbia was up 8.7% from March as it advanced 29% from a year ago.

Hifyre IQ had forecast April sales at C$404.2 million based upon its data. The data analytics provider has been estimating May sales to be 3.5% higher, which would be 1.6% above the actual actual April level and up 12.0% from a year ago, based upon its data. Hifyre estimates sales outside of flower and pre-rolls at 30.6% in April and 29.8% in May.

The May sales data will be released on July 21st.

Exclusive article by Alan Brochstein, CFA
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

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