Statistics Canada released September retail sales for the country, with cannabis sales slipping from the very strong August levels, down 4.9% to C$444.0 million. August was revised higher to C$467.0 million. The sales, which fell 1.8% on a per-day basis, were up 13.2% from a year ago, down from the 19.7% August growth rate. In 2022, total sales increased 17.9% to C$4.52 billion, and they have increased 13.8% during the first nine months of 2023.
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 6.9% from August and up 13% from a year ago. Alberta, which is the second-largest province, was down 2.7% from August and up 11% from a year ago. Quebec was down 4.6% from August and up 7% from a year ago, while British Columbia was down 2.7% from August as it advanced 18% from a year ago. Each of these provinces saw lower year-over-year growth in September compared to August.
Hifyre IQ had forecast September sales at C$448.0 million based upon its data, so this was slightly below the estimate. The data analytics provider has been estimating October sales to be 0.9% higher, which would be 1.8% below the actual actual August level and up 15.8% from a year ago, based upon its data. Hifyre estimates sales outside of flower and pre-rolls at 29.4% in September and 30.1% in October.
The October sales data will be released on December 21st.
