Article by Jonathan Cooper, SeekingAlpha
Canadian recreational cannabis sales have been flat since November.
Each month, Stats Canada releases retail sales data across Canada for a wide variety of sectors including retail cannabis sales. Nationally, Canadians purchased $49.9 million of cannabis in February, down 9% from $54.9 million in January.
On an annualized basis, sales increased 1% from $646 million in January to $650 million in February. Annualized sales have been relatively stable since November 2018.
On a per capita basis, Canadians are spending about $17 per year on recreational cannabis. This is far short of projections from Deloitte prior to legalization, which suggested up to $1.8 to $4.3 billion in legal recreational cannabis sales in 2019. Even the low end of that range looks out of reach through February, although results should improve by April due to the launch of retail cannabis stores in Ontario, Canada’s largest province.