Statistics Canada released October retail sales for the country, with cannabis sales decreasing from September marginally to C$389.2 million. The growth per-day slowed, as October has one more day than September. September was revised from C$389.9 million to C$392.3 million. The sales were up 9.5% from a year ago, the lowest since legalization began and down from the reported 12.2% September growth rate that was revised to 12.5%. In 2022, total sales have increased 18.4% compared to the first ten months of 2021 to C$3.72 billion.
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 1.2% from September and up 12% from a year ago, reflecting the increase in the number of stores. Alberta, which is the second-largest province, was up 2.7% from September and up 12% from a year ago. Quebec was up 0.1% from September and down 5% from a year ago, while British Columbia was down 6.7% from September as it advanced 14% from a year ago.
Hifyre IQ had forecast October sales at C$396.0 million based upon its data. The data analytics provider has been estimating November sales to be 5.9% lower, which would be 4.2% below the actual actual level and up 9.8% from a year ago, based upon its data. Hifyre estimates sales outside of flower and pre-rolls at 29.1% in October and 30.4% in November.
The November sales data will be released on January 2oth.
