Sales of retail marijuana in Canada had increased 29% in the month of December to hit a record $382 million.
According to Statistics Canada, which revealed retail sales for the countrylast week, December saw cannabis sales increasing from November by 8.5% to C$382.4 million. The sales were up 28.5% from a year ago, down from 35.8% in December’s growth rate:
Hifyre IQ had forecast sales of C$392 million based upon its data. The data analytics provider has been projecting that January sales to be 8% lower, which would be 5.7% below the actual December level and up 29% from a year ago.
The boost from sales my have come from an increase in the number of stores as well as falling flower prices that bring consumers from the illicit market.
In Ontario, the largest province in population, sales were up 5% from November and 68% from a year ago, reflecting the increase in the number of stores.
Alberta, which is the second-largest province, was up 11% from November and up 3% from a year ago.
Quebec was up 14% from November and 9x% from a year ago, while British Columbia was up 510% from November as it advanced 22% from a year ago.
Hifyre IQ anticipated that product categories have seen a shift towards non-flower products, which it estimates at a record 30% in December compared to 28.5% in November. In January, Hifyre estimates that non-flower products decreased to 29.5%, with a reduction in edibles driving the change.
The January sales data will be released next month on March 18th.
