Canadian Cannabis Sales Increased 3.7% Sequentially in April

Statistics Canada released April retail sales for the country, with cannabis sales increasing from March by 3.7% to C$372.4 million. March was revised from C$358.8 to C$359.3. The sales were up 25.8% from a year ago, up from the 20.5% March 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 March and up 53% from a year ago, reflecting the increase in the number of stores. Alberta, which is the second-largest province, was up 2% from March and up 10% from a year ago. Quebec was up 18% from March and up 3% from a year ago, while British Columbia was down 6% from March as it advanced 21% from a year ago.

Hifyre IQ had forecast April sales of C$370 million based upon its data. The data analytics provider has been estimating May sales to be 1% lower, which would be 1.7% below the actual April level and up 17% from a year ago, based upon its data. Hifyre estimates non-flower sales at 29.8% in April and 29.2% in May. 

The May sales data will be released on July 22nd.

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

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