Statistics Canada released September retail sales for the country, with cannabis sales decreasing from the August levels, down 6.6% to C$443.9 million. This was a drop on a per-day basis as well. August, originally reported at C$465.1 million, was revised higher to C$475.5 million, a new all-time high. The sales in September were down 1.8% from 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 0.3% 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 down 4.7% from August and down 5% from a year ago. Alberta, which is the second-largest province, was down 7.4% from August and up less than 1% from a year ago. Quebec was down 10.9% from August and up 4% from a year ago, while British Columbia was down 4.3% from August as it fell 1% from a year ago.
Hifyre IQ had forecast September sales at C$458.2 million based upon its data, so this was below its estimate. The data analytics provider has been estimating October sales to be 2.7% higher, which would be 6.0% above the actual September level and up 4.8% from a year ago, based upon its data. Hifyre estimates sales outside of flower and pre-rolls at 29.3% in September and 30.2% in October.
The October sales data will be released on December 20th.
