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Saturday, Jul 2, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

The weed wire

Ontario leads charge as Canadian cannabis sales surge 15% in July

Sales in the country’s largest province have skyrocketed 47% since May

Ontario leads charge as Canadian cannabis sales surge 15% in July

Canadian weed retail sales increased by $30.5 million in July, the biggest monthly boost yet in the country’s nearly two-year old industry.

That’s according to the latest figures from Statistics Canada, which show total sales rising 15 per cent over the month to $231.6 million.

Read more: June Canadian weed retail sales break $200M mark

Ontario leads charge as Canadian cannabis sales surge 15% in July

Sales in 1,000s of dollars. Ontario sales have soared 47 per cent since May. Data visualization by Mugglehead via StatsCan data

Out of four clear provincial leaders, Ontario is heading the charge with July sales of $60.3 million — a 24 per cent increase from $48.9 million in June.

Alberta sales increased by 11 per cent to $51.8 million. The Wild Rose province has 524 private retail locations as of Sept. 18, around half the stores in the country.

In Quebec, where its provincial retailer holds a monopoly, sales rose nearly 10 per cent to $43.9 million.

Read more: Part of SQDC’s $9.7M profit will be spent on preventing sales

And in British Columbia, sales climbed 18 per cent to $34.6 million.

StatsCan reported cannabis wholesale inventories of $167.6 million, decreasing almost 9 per cent from June to the lowest level since March.

Last month, Mugglehead confirmed with retailers in Ontario and B.C. that sales are picking up as officials ease Covid-19 restrictions.

In its monthly cross-industry summary, StatsCan reported overall retail sales rose 0.6 per cent to $52.9 billion in July, led by higher sales at motor vehicle and parts dealers as well as gas stations.

However, core retail sales — which exclude those auto subsectors — declined 1.2 per cent on lower sales at building material and garden supplies dealers, as well as at food and beverage stores.

“Overall, the recovery in total retail sales has been V-shaped, with sales in June and July, respectively, rebounding from the record low observed in April,” StatsCan says. “As noted in the National balance sheet and financial flow accounts, second quarter 2020, the period of depressed retail sales in the second quarter of 2020 coincided with a 13.7 per cent decline in household spending (nominal terms) and an increase in the household savings rate to 28.2 per cent as physical distancing measures left Canadians with fewer places to spend.”

Top image via Calyx + Trichomes in Kingston, Ont.

 

nick@mugglehead.com

@nick_laba

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