Statistics Canada released December retail sales for the country, with cannabis sales increasing from the weak November levels, up 8.2% to C$441.2 million. October was revised lower to C$407.9 million. The sales, which rose 4.7% on a per-day basis, were up just 3.6% from a year ago, down from the 19.8% August growth rate and the lowest annual growth rate since legalization commenced. In 2022, total sales increased 17.9% to C$4.52 billion, and they increased 12.3% during 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 up 19.2% from November and up 8% from a year ago. Alberta, which is the second-largest province, was up 11.3% from November and up 11% from a year ago. Quebec was down 5.2% from November and down 10% from a year ago, while British Columbia was down 12.6% from November as it fell 6% from a year ago.
Hifyre IQ had forecast December sales at C$444.5 million based upon its data, so this was below the estimate. The data analytics provider has been estimating January sales to be 6.1% lower, which would be 5.4% below the actual actual November level and up 5.6% from a year ago, based upon its data. Hifyre estimates sales outside of flower and pre-rolls at 30.6% in November and 31.7% in December.
The January sales data will be released on March 22nd.
