Statistics Canada released November retail sales for the country, with cannabis sales increasing from the October levels, up 0.5% to C$452.8 million. This was an increase on a per-day basis as well. October, originally reported at C$456.3 million, was revised lower to C$450.5 million. The sales in November were up 5.6% 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. In 2023, total sales increased 14.2% to C$5.16 billion, and in 2024 they have increased 0.5% 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 1.9% from October and up 4% from a year ago. Alberta, which is the second-largest province, was down 4.0% from October and up 8% from a year ago. Quebec was down 4.0% from October and down 1% from a year ago, while British Columbia was up 5.8% from October as it rose 7% from a year ago.
Hifyre IQ had forecast November sales at C$458.5 million based upon its data, so this was below its estimate. The data analytics provider has been estimating December sales to be 9.4% higher, which would be 10.8% above the actual November level and up 11.8% from a year ago, based upon its data. Hifyre estimates sales outside of flower and pre-rolls at 30.5% in November and 31.5% in December.
The December sales data will be released on February 21st.
