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.
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.
Note: Statistics Canada updates its raw data on a monthly basis, so previously reported figures can become outdated as a result.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