Canadian Cannabis Sales Set New Monthly Record, Rising to C$426.6 Million in June

TORONTO— Statistics Canada’s recent report reveals a burgeoning cannabis market, with June retail sales reaching a record C$426.6 million, marking a 2.6% uptick from May’s slightly revised C$415.7 million. The surge, which equates to 6.0% on a per-day basis, indicates a 12.9% year-over-year growth, surpassing May’s 11.2% growth rate. 2022 saw total cannabis sales soar by 17.9% to C$4.52 billion, and 2023’s first half has already marked a 12.3% surge.

Two primary factors are propelling these soaring figures: an expanding store count and dwindling flower prices that sway consumers away from the illicit market. Ontario, Canada’s most populous province, recorded a 3.3% increase from May and a significant 10% leap year-over-year. Meanwhile, Alberta, the nation’s second-largest province, witnessed a 1.2% monthly growth and a 12% annual growth. Quebec’s figures stood at 1.6% for the month and 7% for the year, while British Columbia registered a 1.7% monthly increase and a remarkable 22% yearly boost.

Hifyre IQ, a leading data analytics provider, had earlier projected June’s sales to land at C$410.3 million, making the actual numbers a pleasant surprise for industry watchers. The firm has also predicted a 5.1% dip for July’s sales, positioning them 1.0% above June’s actual figures and 9.7% higher than the previous year. Notably, Hifyre’s data also estimates that sales outside of flower and pre-rolls stood at 29.9% for June, and this figure is anticipated to hover around 29.8% for July.

As the Canadian cannabis industry continues its upward trajectory, these figures not only underscore the market’s resilience but also spotlight its potential to reshape Canada’s economic landscape. As the sector evolves, analysts and industry stakeholders will be closely monitoring the balance between legal and illicit sales and the strategies employed to further consolidate the legal market’s dominance.