Statistics Canada released October retail sales for the country this morning, with cannabis sales growth increasing sequentially off of a revised higher September level and accelerating annual growth to 109.4%. Sales of C$270.0 million grew 5.1% from September.
Hifyre IQ had forecast sales of C$265 million based upon its data. The data analytics provider has been estimating November growth to be 7% below its October forecast, which would be 9% lower than the actual October sales level.
Almost half of the growth from September to October came from Ontario, which accounted for a C$6 million sequential gain. Alberta and Quebec, which each grew by about C$3 million, were responsible for most of the balance of the growth. Value-priced flower and the expansion of next-generation products, like vapes, is helping along with store expansion.
Hifyre IQ estimated that product categories have been stable, with flower shrinking slightly and edibles increasing.
The November sales will be released on January 22nd.
Based in Houston, Alan leverages his experience as founder of online community 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email
Hifyre IQ had forecast sales of C$265 million based upon its data. The data analytics provider has been estimating November growth to be 7% below its October forecast, which would be 9% lower than the actual October sales level.
Hifyre IQ estimated that product categories have been stable, with flower shrinking slightly and edibles increasing.
The November sales will be released on January 22nd.