Growth in Canada’s cannabis retail sector recovered in October, after a lull the month before, according to the latest federal data.
In its monthly update of retail trade data, Statistics Canada reported monthly cannabis sales of $364.2 million, up almost 3 per cent from $354.4 million in September.
By province, Ontario continues to lead growth in the sector, with sales climbing 3 per cent to $141.6 million in October, from $145.7 million. As its regular approves new stores at a steady rate, there are now 1,352 stores authorized to open, according to the Alcohol and Gaming Commission of Ontario.
With its population of 14.6 million, a general guideline of one store per 10,000 people suggests a rough target of around 1,457 stores. But pot shops are also concentrated in some areas more than others.
Sales in thousands of dollars. Chart by Mugglehead via StatsCan data
Growth in Alberta kept pace, with sales up around 3 per cent to $63.2 million from $60.7 million. A similar optimal store calculation would suggest roughly 437 stores for its population of 4.4 million. Alberta lists 731 licensed stores on its regulator’s website.
Read more: Canadian cannabis sales flat in September at $355M
In Quebec, monthly cannabis sales were up 2 per cent to $52.5 million from $51.3 million.
Sales in British Columbia climbed almost 3 per cent to $50.5 million from $49.2 million.
Revenues were up slightly in all other reported jurisdictions except New Brunswick, where sales fell around 3 per cent to $7.1 million from $7.2 million.
In terms of retail across sectors, StatsCan reported sales up almost 2 per cent to $57.6 billion in October, led by higher sales at motor vehicle and parts, as well as new car dealers.
Core retail, which excludes gas stations and automobile-related sales, rose almost 2 per cent.
StatsCan says retail was up in seven of 11 sectors. 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Note: Statistics Canada updates its raw data on a monthly basis, so previously reported figures can become outdated as a result.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.
nick@mugglehead.com
