Statistics Canada released June retail sales for the country, with cannabis sales decreasing from the May levels, down 1.9% to C$405.7 million. On a per-day basis, sales sales increased 1.4%. May, originally reported at C$434.5 million, was revised much lower to C$413.6 million. The sales were down 7.3% from a year ago. This was down from the 19.8% August growth rate and below the prior lowest annual growth rate (flat in April 2024 and down 0.5% in May after being revised lower) since legalization commenced. In 2023, total sales increased 12.5% to C$5.09 billion, and in 2024 they have decreased 0.2% 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 2.1% from May and down 12% from a year ago. Alberta, which is the second-largest province, was down 14.4% from May and down 11% from a year ago. Quebec was up 1.8% from May and up 19% from a year ago, while British Columbia was up 0.1.1% from May as it fell 15% from a year ago.
Hifyre IQ had forecast June sales at C$421.9 million based upon its data, so this was far below the estimate. The data analytics provider has been estimating July sales to be 6.9% higher, which would be 12.2% above the actual actual June level and up 1.0% from a year ago, based upon its data. Hifyre estimates sales outside of flower and pre-rolls at 30.5% in June and 29.9% in July.
The July sales data will be released on September 20th.
