Cannabis sales in Canada totaled CA$382.4 million ($301 million) in December, representing an increase of 8.5% from November, according to Statistics Canada.
Sales were up 28.5% from a year ago, building on an increase in the number of stores and falling flower prices.
Hifyre IQ has estimated January sales to be 8% lower - 5.7% below the actual December level and up 29% from a year ago.
Ontario retailers sold the most cannabis, with sales rising 5% on a monthly basis and 68% year-over-year to CA$155 million.
In Alberta, Canada's second-largest most populated province, cannabis sales increased 11% over from November and 3% on an annual level. Quebec’s cannabis sales increased 14% month-over-month and 9% year-over-year.
British Columbia saw a 510% growth in cannabis sales in December, compared to the month before, and 22% from a year ago.
Product Categories
Hifyre IQ estimated that product categories have seen a shift towards non-flower products, counting it at a record 30% in December compared to 28.5% in November.
Moreover, the data analytics provider projects that non-flower products decreased to 29.5% due to a reduction in the edibles category.
Photo: Courtesy of Tim Foster on Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.