Statistics Canada released March retail sales for the country, with cannabis sales increasing from the February levels, up 7.1% to C$414.1 million. On a per-day basis, sales sales rose 0.2%. February was revised higher to C$386.8 million. The sales were up just 1.9% from a year ago. This was down from the 19.8% August growth rate and up from the lowest annual growth rate (in January) since legalization commenced of 1.6%. In 2023, total sales increased 12.5% to C$5.09 billion, and in 2024 they have increased just 3.2% 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 3.2% from February and down 12% from a year ago. Alberta, which is the second-largest province, was up 6.4% from February and up 6% from a year ago. Quebec was up 13.1% from February and up 17% from a year ago, while British Columbia was up 6.8% from February as it fell 1% from a year ago.
Hifyre IQ had forecast March sales at C$439.8 million based upon its data, so this was far above the estimate. The data analytics provider has been estimating April sales to be 6.5% higher, which would be 5.6% above the actual actual February level and up 6.5% from a year ago, based upon its data. Hifyre estimates sales outside of flower and pre-rolls at 32.1% in March and 31.0% in April.
The April sales data will be released on June 21st.
