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Wednesday, May 18, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

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

Statistics Canada also significantly revised its December data to reflect less sales in that month

Canadian cannabis sales slow 2% in January to $347.2M
Photo via Evergreen Cannabis

Some Canadians may have taken a cannabis dry month in January, as the latest retail figures from Statistics Canada show they bought less weed than in the five previous months.

On Friday, the agency reported January sales dipping 2 per cent to $347.2 million, from $354.7 million in December.

Previously, Stats Can reported revenue of $382.4 million for December, but that figure was revised significantly in the latest data.

Ontario continues to lead the pack with monthly sales of $137 million, up 7-per-cent in January. Sales fell by 6 per cent in Alberta to $61.4 million from $65.7 million.

British Columbia saw sales drop by 4 per cent to $49.9 million from $52.3 million.

In Quebec, revenue decreased by 13 per cent to $55.5 million from $47.8 million. January sales in the Yukon totalled around $800,000.

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

Read more: Are Canadian cannabis sales plateauing?

Canadian cannabis sales decline 2% in January2

Chart via Statistics Canada

January retail sales across all industries rose by 3 per cent to $58.9 billion, driven by motor vehicle and car part sales.

Stats Can explained that after restrictions had been in place, consumers and retailers adapted to the business conditions, which could have led to the boost in sales. Last year, nearly 14 per cent of retailers reported closures, while only around 3 per cent were closed this year.

Chart via Statistics Canada

Note: Statistics Canada updates its raw data on a monthly basis, so previously reported figures can become outdated as a result.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