Canadian Cannabis Sales Hit Yet Another Record With $357M In August

It seems that Canada continues to build on its record cannabis sales streak, with CA$356.9 million ($289.2 million) generated in August alone.

Statistics Canada revealed Friday that Canadian cannabis sales increased from July by 5%, despite COVID lockdowns that have been weighing on retail sales.

In addition, record sales were up 43.8% year-over-year, representing the lowest annual growth to date, and down from 45.6% in July.

Hifyre IQ estimated that September sales are poised to be over 1% lower, which would be 4.7% lower than the actual August level and up 33% from a year ago. The data analytics provider forecasted sales of CA$340 million in August.

With an increase in the number of new dispensaries and lower flower prices, sales in Ontario, the country’s largest population center, sales were up 9.9% from July and 96% from a year ago.

In Alberta, cannabis sales slightly declined month-over-month to CA$60.5 million, which was 15% up from the same period of last year.

Cannabis sales In Quebec, Manitoba and Saskatchewan were a bit higher than in July, while British Columbia continued to outpace the overall market, growing 7.2% in the same period.

In addition, product categories have been stable, as Hifyre IQ estimated, while a slight decrease in flower towards pre-rolls over time, with these two categories accounting for 73% of the market.

Photo: Courtesy of Hermes Rivera on Unsplash