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Saturday, Aug 13, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

Canadian cannabis sales dropped nearly 3% to $336M in February

Nationwide cannabis sales declined for the second consecutive month to start 2022

Canadian Cannabis Sales Feb 2022
Canadian cannabis sales declined for the second consecutive month to start 2022. Photo via Unsplash

Despite stores opening at an accelerated pace, Canadian cannabis sales declined for the second consecutive month as consumer appetite waned to kick off the year.

According to the latest retail trade figures from Statistics Canada, nationwide cannabis retail sales totalled approximately $336.4 million during February, a 2.9 per cent drop from $346.4 million in January.

However, nationwide cannabis sales jumped 28.5 per cent year-over-year, a significant increase from $261.8 million in February 2021.

The latest figures show that legal adult-use cannabis sales declined in each province other than Ontario and Saskatchewan in February.

Read more: Canadian cannabis sales spike 9% to record $382.4M in December

Read more: Canadian cannabis sales slow 2% in January to $347.2M

Ontario led the country with $142.5 million in sales — a 4.4 per cent increase from January — and accounted for 42.2 per cent of nationwide sales.

Ontario currently has more than 1,400 stores operating across the province. Nearly 500 other stores are currently under review ahead of opening by the Alcohol and Gaming Commission of Ontario.

Alberta trailed Ontario with $58 million in sales, reporting a 5.4 per cent drop from $61.3 million in January.

British Columbia had the third-highest provincial total at $46 million — a 7.1 per cent decrease after $49.8 million in January.

Quebec trailed B.C. with $41.9 million in sales, recording a 12.5 per cent decline from $47.8 million during the previous month.

Cannabis Sales Feb 2022

Chart via Statistics Canada

Aside from Ontario, Saskatchewan was the only other province to record increased sales in February, rising 1.5 per cent to more than $14.6 million after $14.4 million in January sales.

Newfoundland and Labrador saw the biggest drop in sales, falling 16 per cent month-over-month from $5.6 million in January to $4.7 million in February.

Last month, a report by Chicago-based Brightfield Group projected that cannabis sales in Canada will double over the next five years, potentially reaching $8.8 billion as new product segments draw consumers.

 

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According to Statistics Canada, the country had approximately 454,000 stores as of April