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.
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