Statistics Canada released August retail sales for the country, with cannabis sales increasing from July by 0.2% to C$393.7 million. July was revised from C$394.8 million to C$392.9 million. The sales were up 13.0% from a year ago, down from the 17.2% July growth rate. The growth was the lowest since legalization began.
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 2.2% from July and up 15% from a year ago, reflecting the increase in the number of stores. Alberta, which is the second-largest province, was down 2.9% from July and up 11% from a year ago. Quebec was up 1.9% from July and down 2% from a year ago, while British Columbia was up 10% from July as it advanced 27% from a year ago.
Hifyre IQ had forecast August sales of C$392.6 million based upon its data. The data analytics provider has been estimating September sales to be 4.6% lower, which would be 4.9% below the actual actual level and up 7.7% from a year ago, based upon its data. Hifyre estimates non-flower sales at 28.9% in August and 28.8% in September.
The September sales data will be released on November 22nd.