Ontario Drives Canadian Cannabis Sales 5% Higher in August to $245 Million

Article by Alan Brochstein, New Cannabis Ventures

Ontario Drives Canadian Cannabis Sales 5% Higher in August to $245 Million

Statistics Canada released August retail sales for the country this morning, with sequential growth slowing from last month’s 15% gain, as overall cannabis sales grew 5% sequentially to C$244.9 million, up 94% from a year ago. The report detailed how Ontario, which grew 11% to C$66.9 million, drove the sales, as other major provinces increased 2-5%:

August’s growth was the first time that the market failed to achieve more than 100% growth from the prior year. Hifyre IQ had forecast sales of $255 million based upon its data. The data analytics provider had estimated September growth to be 7% above its August forecast.

Drivers of growth include the expansion of stores in BC and especially Ontario, the success in value-priced flower and the roll out of next-generation products, especially vapes. The 6% advance in August was slightly below the average monthly growth rate of 7% over the past year. Alberta and Quebec experienced growth of just 2% sequentially, while BC grew 5% and Ontario, which represented 27% of the market, gained 11% compared to the prior month:

Read the full article here.

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