Canadian Cannabis Sales Increased 10.7% Sequentially in March

Statistics Canada released March retail sales for the country, with cannabis sales increasing from February by 10.7% to C$358.8 million. February was revised from C$336.4 to C$324.1.  The sales were up 20.4% from a year ago, down from the 23.8% February 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 11% from February and 41% from a year ago, reflecting the increase in the number of stores. Alberta, which is the second-largest province, was up 10% from February and up 7% from a year ago. Quebec was up 1% from February and down 12% from a year ago, while British Columbia was up 21% from February as it advanced 35% from a year ago.

Hifyre IQ had forecast March sales of C$371 million based upon its data. The data analytics provider has been estimating April sales to be 2% higher, which would be 5.6% above the actual March level and up 28% from a year ago, based upon its data. It estimated that product categories have seen a shift towards non-flower products, which it estimates at 29.9% in March. In April, Hifyre estimates that non-flower products will remain flat. 

The April sales data will be released on June 21st.

Exclusive article by NCV Newswire
NCV Newswire
The NCV Newswire by New Cannabis Ventures aims to curate high quality content and information about leading cannabis companies to help our readers filter out the noise and to stay on top of the most important cannabis business news. The NCV Newswire is hand-curated by an editor and not automated in anyway. Have a confidential news tip? Get in touch.

Get Our Sunday Newsletter