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Friday, May 20, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

Are Canadian cannabis sales plateauing?

Revenues have been relatively flat over a 4-month period

Are Canadian cannabis sales plateauing
Photo of City Cannabis in Vancouver by Jared Gnam

After a notable rise in the spookiest month of the year, pot sales in Canada lost their previous month’s gains in November, according to the latest federal data.

In its latest retail trade figures, released Friday, Statistics Canada reported cannabis sales slipping 3 per cent to $353.7 million in November, from $364.2 million in October.

Revenues fell across most major regions, except in Ontario, where monthly pot sales rose almost 2 per cent to $148.4 million from $145.7 million. Sales also inched up over 1 per cent to $14 million in Saskatchewan.

Excluding October, monthly retail figures hovered around $353–354 million from August through November, suggesting a possible growth plateau. If Halloween at least in part accounted for the October surge, could new sales outside of Ontario have hit a wall for now?

Canadian cannabis sales slip 3% in November to $353.7M - chart

Excluding a blip in October, sales were flat from August through November. Chart by Mugglehead via StatsCan data

November sales took a nosedive in Quebec, falling nearly 7 per cent to $48.9 million and hitting a seven-month low.

Retail performance hit a five-month low in Alberta, as cannabis sales dipped 7 per cent to $59 million from $63.2 million.

Read more: Sales spikes and other Halloween cannabis data trends with BDSA

Read more: Canadian cannabis sales rise 3% to $364M in October

Revenues from legal weed fell 5 per cent in British Columbia to $47.8 million from $50.5 million.

Across all retail sectors, StatsCan reported growth of nearly 1 per cent to $58.1 billion. Sales increased in six of 11 subsectors, representing 64 per cent of retail trade.

But damaged infrastructure in British Columbia and Atlantic provinces caused supply chain disruptions affecting distribution across the country.

Are Canadian cannabis sales plateauing - subsectors

November sales grew in six of 11 Canadian retail subsectors. Chart via StatsCan

Note: Statistics Canada updates its raw data on a monthly basis, so previously reported figures can become outdated as a result. Refer to the most recently reported sales for the most up-to-date information.

 

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