Cannabis sales in Canada continued to rise in July, here's why
Recently, Statistics Canada released July retail cannabis sales for the country. Reports showed marijuana sales increased 4.5% from June to C$394.8 million.
"The month was 3.3% longer. June was revised from C$377.5 million to C$377.9 million. Sales were up increased by 17.8% year-on-year, down from June's growth rate of 23.2%," the report states.
"Growth was the weakest on record, behind the previous lowest annual growth rate of 19.2% in December," continues the report authored by New Cannabis' Alan Brochstein. Venture.
Image by New Cannabis Ventures
Sales increased in the country, thanks to the increase in the number of stores. Also taking into account the fall in flower prices, which attracts consumers from the illicit market.
“Weed” Sales in Canadian ProvincesIn Ontario, "the most populous province, sales were up 4.4% from June and 30% from a year ago, reflecting the increase the number of stores."
Alberta, which is the second largest province, "is up 2.9% from June and 14% from a year ago", continues the report.
"Quebec is up 0.4% from June and down 4% from a year ago, while British Columbia is up 5% .9% compared to June and 17% compared to the previous year."
What does the data say?Based on its data, Hifyre IQ forecast July sales of C$404.8 million.
The data analytics provider also estimated that August sales would be "0.6% lower, which would be 1.9% above the actual level and 15.5% higher than a year ago. Additionally, Hifyre estimates that "non-flower sales were 29.0% in July and 28.9% in August".
Image by New Cannabis Ventures
Finally, the report says August sales data will be released on October 21.Photo: Courtesy of Kenny Eliason on Unsplash
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Recently, Statistics Canada released July retail cannabis sales for the country. Reports showed marijuana sales increased 4.5% from June to C$394.8 million.
"The month was 3.3% longer. June was revised from C$377.5 million to C$377.9 million. Sales were up increased by 17.8% year-on-year, down from June's growth rate of 23.2%," the report states.
"Growth was the weakest on record, behind the previous lowest annual growth rate of 19.2% in December," continues the report authored by New Cannabis' Alan Brochstein. Venture.
Image by New Cannabis Ventures
Sales increased in the country, thanks to the increase in the number of stores. Also taking into account the fall in flower prices, which attracts consumers from the illicit market.
“Weed” Sales in Canadian ProvincesIn Ontario, "the most populous province, sales were up 4.4% from June and 30% from a year ago, reflecting the increase the number of stores."
Alberta, which is the second largest province, "is up 2.9% from June and 14% from a year ago", continues the report.
"Quebec is up 0.4% from June and down 4% from a year ago, while British Columbia is up 5% .9% compared to June and 17% compared to the previous year."
What does the data say?Based on its data, Hifyre IQ forecast July sales of C$404.8 million.
The data analytics provider also estimated that August sales would be "0.6% lower, which would be 1.9% above the actual level and 15.5% higher than a year ago. Additionally, Hifyre estimates that "non-flower sales were 29.0% in July and 28.9% in August".
Image by New Cannabis Ventures
Finally, the report says August sales data will be released on October 21.Photo: Courtesy of Kenny Eliason on Unsplash
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
CANNABIS BENZINGA CONFERENCEMeet the biggest players in the cannabis industry and strike deals that will drive the industry forward.
Featuring live company presentations, insider panels and unparalleled access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet .
Join us September 13-14, 2022 at The Palmer House in Chicago, IL.
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