Canadian Retail Cannabis Sales Increased 29% in December to Record $382 Million

Statistics Canada released December retail sales for the country this morning, with cannabis sales increasing from November by 8.5% to C$382.4 million. The sales were up 28.5% from a year ago, down from 35.8% in December’s growth rate:

Hifyre IQ had forecast sales of C$392 million based upon its data. The data analytics provider has been estimating January sales to be 8% lower, which would be 5.7% below the actual December level and up 29% from a year ago.

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 5% from November and 68% from a year ago, reflecting the increase in the number of stores. Alberta, which is the second-largest province, was up 11% from November and up 3% from a year ago. Quebec was up 14% from November and 9% from a year ago, while British Columbia was up 510% from November as it advanced 22% from a year ago.

Hifyre IQ estimated that product categories have seen a shift towards non-flower products, which it estimates at a record 30% in December compared to 28.5% in November. In January, Hifyre estimates that non-flower products decreased to 29.5%, with a reduction in edibles driving the change.

The January sales data will be released on March 18th.

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