Canadian Cannabis Sales Surged in December

Statistics Canada released December retail sales for the country, with cannabis sales increasing from November sharply to a record C$425.9 million, up 13.8%.  November was revised from C$373.3 million to C$374.3 million. The growth per-day increased by 10.1%. The sales were up 20.2% from a year ago, up from the reported 9.9% November growth rate that was revised to 10.2%. In 2022, total sales increased 17.9% to C$4.52 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 15.1% from November and up 35% from a year ago. Alberta, which is the second-largest province, was up 11.1% from November and up 12% from a year ago. Quebec was up 12.7% from November and down 2% from a year ago, while British Columbia was up 13.3% from November as it advanced 21% from a year ago.

Hifyre IQ had forecast December sales at C$400.2 million based upon its data. The data analytics provider has been estimating January sales to be 3.6% lower, which would be 9.4% below the actual actual level and up 11.3% from a year ago, based upon its data. Hifyre estimates sales outside of flower and pre-rolls at 32.7% in December and 32.0% in January.

The January sales data will be released on March 21st.

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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