Canadian Cannabis Sales Increase 93% to C$261 Million in November

Statistics Canada released November retail sales for the country this morning, with cannabis sales growth decreasing sequentially and slowing from a year ago. Sales of C$261.4 million fell 3.2% from September and rose 93% from a year ago, down from a 109% year-over-year growth in the prior two months.

Hifyre IQ had forecast sales of C$249 million based upon its data. The data analytics provider has been estimating December growth to be 12.5% above its November forecast, which would be 7% higher than the actual November sales level.

The decline is partially due to a fewer number of days in November, but it also echoes similar slowdowns in the U.S. during the month. Perhaps an acceleration of COVID-19 played a role. Ontario, which has been leading sequential growth as more stores open and is the largest province in terms of sales, fell 1.2%, which was better than the overall decline. Quebec, which is the third-largest province in terms of sales, fell 6.5%. Alberta, which is the second-largest, declined 4.6%.

Hifyre IQ estimated that product categories have been stable.

The December sales will be released on February 19th.

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

Get Our Sunday Newsletter