Canadian Cannabis Sales Sank in January
- Statistics Canada released January retail sales data for cannabis in Canada, showing a 14.9% decrease from December to C$418.3 million.
- December's sales were revised from C$499.4 million to C$491.6 million, with January sales up 4.1% from a year ago.
- Total sales in 2024 increased by 1.5% to C$5.24 billion, with growth rates varying across provinces.
- Hifyre IQ's forecast for January sales was C$463.0 million, below the actual reported figure, and the service is no longer operational.
Statistics Canada released January retail sales for the country, with cannabis sales decreasing from the December levels, down 14.9% to C$418.3 million. December, originally reported at C$499.4 million, was revised lower to C$491.6 million. The sales in January were up 4.1% from a year ago. This was down from the 20.3% August 2023 growth rate and above the prior lowest annual growth rate since legalization commenced of -2.8% in May, but it was down sharply from the December growth of 9.6%. In 2024, total sales increased 1.5% to C$5.24 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 down 24.4% from December and down 4% from a year ago. Alberta, which is the second-largest province, was down 6.6% from December and up 10% from a year ago. Quebec was down 13.8% from December and down 4% from a year ago, while British Columbia was exceptionally strong at up 7.7% from December as it rose 34% from a year ago.
Hifyre IQ had forecast January sales at C$463.0 million based upon its data, so this was quite below its estimate. The service seems to no longer be functioning.
The February sales data will be released on April 25th.