Canadian cannabis sales hit $ 246.7 million

By Nina Zdinjak

New data from Statistics Canada showed that Canadian cannabis sales were up 65% year over year in March, reaching CA $ 298.1 million ($ 246.7 million), New Cannabis Ventures reports.

According to the point of sale, this was the “slowest year-over-year growth” since recreational sales began in the country in late 2018. Sales in the first quarter increased sequentially by only 1.8%.

Photo by Ivan-balvan / Getty Images

RELATED: Why the U.S. Cannabis Industry Is Better Positioned Than Canada to Go National

The data analytics provider, Hifyre IQ, had predicted that April sales would improve by around 4% to reach CA $ 309 million. This means a growth of 73% compared to the same period of the previous year.

Retail sales were negatively impacted by COVID lockdowns, while new stores and lower prices provided a boost.

RELATED: Growing Pain: What’s Next for the Cannabis Industry in Canada?

Breaking down sales data by province, Ontario saw the biggest year-over-year improvement of 121%. Sales in Alberta increased 10% and British Columbia increased 12% over the same period in 2020.

Cantor Fitzgerald’s Pablo Zuanic provided information on sales growth and market share trends by company and province. Based on this, most of Canada’s greatest cannabis players have like Aurora cannabis (NYSE: ACB), Canopy growth (NASDAQ: CGC), organization chart (NASDAQ: OGI) and Tilray (NASDAQ: TLRY) had seen their best sales in Ontario.

This article originally appeared on Benzinga and was republished with permission.

Post a comment:

Your email address will not be published.