Canadian Cannabis Sales Declined 2.9% in February Sequentially

Statistics Canada released February retail sales for the country, with cannabis sales decreasing from January by 2.9% to C$336.4 million. January was revised from C$347.2 to C$346.5.  The sales were up 28.5% from a year ago, up from the 24.3% January growth rate:

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 4% from January and 65% from a year ago, reflecting the increase in the number of stores. Alberta, which is the second-largest province, was down 5% from January and up 9% from a year ago. Quebec was down 12% from January and 4% from a year ago, while British Columbia was down 7% from January as it advanced 25% from a year ago.

Hifyre IQ has been estimating March sales to be 10.6% above the actual February level and up 24.8% from a year ago, based upon its data.

The data analytics provider estimated that product categories have seen a shift towards non-flower products, which it estimates at 30% in January and February. In March, Hifyre estimates that non-flower products will decrease slightly to 29.9% with a decrease in flower offset by increase in pre-rolled.

The March sales data will be released on May 26th.

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