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Recently, Statistics Canada released July retail cannabis sales for the country. The reports showed that marijuana sales increased from June by 4.5% to C$394.8M.
"The month was longer by 3.3%. June was revised from C$377.5 million to C$377.9 million. Sales rose 17.8% from a year earlier, down from June's 23.2% growth rate," states the report.
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"The growth was the lowest on record, behind the previous lowest annual growth rate of 19.2% in December," continued the report written by New Cannabis Venture's Alan Brochstein.
Image by New Cannabis Ventures
Sales have been expanding in the country, thanks to the increase in the number of stores. Considering also, the fall in flower prices, which attracts consumers from the illicit market.
Canadian Provinces ‘Weed’ Sales
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In Ontario, “the province with the largest population, sales increased 4.4% from June and 30% from a year ago, reflecting the increase in the number of stores.”
Alberta, which is the second largest province, “is up 2.9% from June and 14% from a year ago,” continued the report.
“Quebec is up 0.4% from June and down 4% from a year earlier, while British Columbia is up 5.9% from June and up 17% from a year earlier.”
What Does Data Say?
Based on its data, Hifyre IQ, forecasted July sales of 404.8 million Canadian dollars.
The data analytics provider also estimated August sales to be "0.6% lower, which would be 1.9% above the actual level and 15.5% higher than a year ago." Moreover, Hifyre estimates that "non-flower sales were 29.0% in July and 28.9% in August."
Image by New Cannabis Ventures
Finally, the report stated that August sales data will be released on October 21.
Photo: Courtesy Of Kenny Eliason On Unsplash
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.