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Thursday, Jun 30, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

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

The market improved in all jurisdictions except New Brunswick

Canadian cannabis sales rise 3% to 364M in October
Photo via Nova Cannabis

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.

Canadian cannabis sales rise 3% to 364M in October - chart

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.

Canadian cannabis sales rise 3% to 364M in October - other sectors

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Note: Statistics Canada updates its raw data on a monthly basis, so previously reported figures can become outdated as a result.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

 

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