Statistics Canada released August retail sales for the country, with cannabis sales increasing from the July levels, up 2.6% to C$465.1 million. July, originally reported at C$440.7 million, was revised higher again to C$453.1 million. The sales in August were down 0.8% from the record level set a year ago. This was down from the 20.3% August 2023 growth rate and above the prior lowest annual growth rate since legalization commenced of -2.8% in May. In 2023, total sales increased 14.2% to C$5.16 billion, and in 2024 they have decreased 0.4% from a year ago.
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 11.0% from July and down 5% from a year ago. Alberta, which is the second-largest province, was up 1.7% from July and up 5% from a year ago. Quebec was down 4.3% from July and up 11% from a year ago, while British Columbia was down 6.6% from July as it fell 12% from a year ago.
Hifyre IQ had forecast August sales at C$478.8 million based upon its data, so this was below its estimate. The data analytics provider has been estimating September sales to be 6.9% lower, which would be 4.2% below the actual August level and down 0.9% from a year ago, based upon its data. Hifyre estimates sales outside of flower and pre-rolls at 30.0% in August and 29.4% in September.
The September sales data will be released on November 22nd.
