Statistics Canada released September retail sales for the country, with cannabis sales increasing from August marginally to C$389.9 million. August was revised from C$393.7 million to C$389.9 million. The sales were up 12.2% from a year ago, down from the reported 13.0% August growth rate that was revised to 11.9%, the lowest since legalization began. In 2022, total sales have increased 19.5% compared to the first nine months of 2021 to C$3.3 billion.
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 1.1% from August and up 15% from a year ago, reflecting the increase in the number of stores. Alberta, which is the second-largest province, was up 2.0% from August and up 13% from a year ago. Quebec was down 2.5% from August and down 3% from a year ago, while British Columbia was up 0.6% from August as it advanced 21% from a year ago.
Hifyre IQ had forecast September sales of C$374.9 million based upon its data. The data analytics provider has been estimating October sales to be 0.4% lower, which would be 3.9% below the actual actual level and up 5.0% from a year ago, based upon its data. Hifyre estimates non-flower sales at 28.9% in September and 29.5% in October.
The October sales data will be released on December 2oth.
