Statistics Canada released November retail sales for the country, with cannabis sales decreasing from October sharply to C$373.3 million. The growth per-day slowed, as November has one less day than October. October was revised from C$389.2 million to C$390.2 million. The sales were up 9.9% from a year ago, up from the reported 9.5% October growth rate that was revised to 9.8%. In 2022, total sales have increased 17.6% compared to the first 11 months of 2021 to C$4.09 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 4.3% from October and up 9% from a year ago, slightly slower than Canada overall. Alberta, which is the second-largest province, was down 5.9% from October and up 13% from a year ago. Quebec was down 2.6% from October and down 1% from a year ago, while British Columbia was down 4.2% from October as it advanced 17% from a year ago.
Hifyre IQ had forecast November sales at C$372.0 million based upon its data. The data analytics provider has been estimating December sales to be 8.7% higher, which would be 8.3% above the actual actual level and up 14.1% from a year ago, based upon its data. Hifyre estimates sales outside of flower and pre-rolls at 31.0% in November and 32.5% in December.
The December sales data will be released on February 21st.
