Canadian Cannabis Sales Continued To Increase In May, Here's Why

Canadian Cannabis Sales Continued To Increase In May, Here's Why

Statistics Canada released May retail sales for Canada, with cannabis sales increasing from April by 0.7% to CA$375.8 million ($290 million), as reported New Cannabis Ventures.

"The sales were up 20.1% from a year ago, down from the 26.1% April growth rate and near the lowest annual growth rate of 19.2% in December," reads thereport. "April was revised from CA$372.4 million to CA$373.4 million."

The main reason for the boost in cannabis sales was the increase in marijuana stores, as well as falling flower prices, bringing consumers from the illicit market.

Which Province Sold Most Marijuana In May?

In Ontario, sales were up 0.5% from April and up 37% from a year ago, which reflects the increase in the number of cannabis stores in the largest province in population.

The second-largest province in Canada, Alberta, "was up 1% from April and up 9% from a year ago," reads the report. Also, "Quebec was up 0.7% from April and up 2% from a year ago, while British Columbia was up 4% from April as it advanced 29% from a year ago."

What Does Data Say About Canadian Cannabis Sales?

Hifyre IQ, a data analytics provider, has been estimating June sales to be "0.8% higher, which would be 1.5% below the actual May level and up 20.6% from one year ago." Moreover, Hifyre forecasted "May sales of C$367.4 million," based on its own data.

In addition, Hifyre estimated non-flower sales at 29.0% in May and 29.3% in June.

"On August 19th, June sales data will be released," said the Canadian cannabis retail trade report.

Image by Benzinga

Posted In: Hifyre IQNew Cannabis VenturesStatistics CanadaCannabisMarkets

BENZINGA CANNABIS CONFERENCE

Meet the biggest cannabis industry players and make deals that will push the industry forward.

Featuring live company presentations, insider panels, and unmatched access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet.

Join us September 13-14, 2022 at The Palmer House in Chicago, IL.