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April Cannabis Sales on the Rise

Canadian cannabis retail sales continue to rebound after dipping in January and February. Sales hit $428.56 million in April 2024, up 5.34% from last month and 2.87% from last year. March sales were revised to $406.85 million.

Prince Edward Island, Alberta, and the Yukon saw minor drops in monthly sales while the rest of the country increased sales, with Quebec seeing the biggest increase of 14.52%. On an annual basis, sales in Ontario, BC, and Saskatchewan have dropped, while Newfoundland has seen the biggest increase of 28.15%.

Prairies

In April, Manitoba saw only a 0.92% month-over-month increase and a 4.37% annual jump, with sales reaching $16.71 million. Winnipeg saw drops in both monthly and annual sales to $9.54 million in April. The province also announced it is putting a temporary moratorium on new licenses in urban areas for what are known as “controlled-access” stores that sell cannabis.

The other western provinces were a mixed bag. Sales in Saskatchewan hit $14.26 million in April, down 5.90% from the same period last year but up 9.10% month-over month.

In Alberta, sales were only down 0.66% from March to $76.21 million, but up 4.97% from last year. Sales in Calgary dropped by 2.25% this month, while sales in Edmonton increased 0.78%. In May, Alberta joined other provinces in allowing private label cannabis sales after years of advocacy from some industry members.

Ontario

Sales in Ontario are steadily climbing back up with a 3.93% month-over-month increase to $160.99 million in April. However, sales have dropped by 5.09% since this period last year and 2024 monthly sales have yet to hit the figures seen in 2023. This drop is likely due to a large number of stores closing their doors in over-saturated markets.

In Toronto, sales were up by 8.87% in April to $53.97 million and in Ottawa sales were up by 11.14% to $17.21 million.

A report released by the Ontario Cannabis Store in May – the first of its kind from the agency since Q4 2022 – showed that cannabis stores in Ontario sold nearly $2 billion worth of cannabis in 2023 to more than 10 million people, a 12% increase in sales from the previous year.

Quebec

Sales in Quebec hit an all-time high of $61.58 million in April 2024, up 14.52% from last month and 26.11% from last year.

Gatineau sales saw a notable 37.76% month-over-month increase to $1.73 million, while monthly sales in Montreal and Quebec City increased by 0.80% and 10.22%, respectively. However, Quebec City sales have increased by close to 60% since the same period last year. Gatineau has seen a 48.63% year-over-year increase.

In June, the Société québécoise du cannabis (SQDC) reported a net income of $104.1 million for its 2023-2024 fiscal year, up 9.7% from last year. Online sales climbed 14.7%, from $34.15 million to $40.02 million, while branch sales rose 9.6%, from $567.76 million to $622.05 million.

British Columbia

Sales in BC were up 8.07% to $67.27 million in April, surpassing November and December figures, but not yet reaching the 2023 highs. Meanwhile, sales in the province’s largest city were down 22.63% year-over-year to $20.02 million in April.

Maritimes

Newfoundland sales hit $7.69 million in April, up 1.51% from last month and up 28.15% from last year.

PEI sales have been up and down over the past year and this month was no exception. Sales dropped by 0.1% to $2.07 million but are up 10.65% from the same period last year.

Sales in Nova Scotia were up 8.57% from last month to $10.89 million in April, a 19.61% increase year-over-year. Recent news reports suggest Nova Scotia’s cannabis market is facing challenges, as the province sees more illicit cannabis stores emerging.

Similarly, sales in New Brunswick were up 8.34% to $8.35 million, a 22.96% increase year-over-year. In June, Cannabis NB opened up three new urban stores to reportedly compete with the illicit market.

Provincial Sales (x1,000)

Canada: $428,555 (5.34%)

Newfoundland & Labrador: $7,688 (1.51%)

Prince Edward Island: $2,067 (-0.10%)

Nova Scotia: $10,894 (8.57%)

New Brunswick: $8,353 (8.34%)

Quebec: $61,583 (14.52%)

Montreal: $29,290 (0.80%)

Quebec City: $7,041 (10.22%)

Gatineau: $1,733 (37.76%)

Ontario: $160,988 (3.93%)

Toronto: $53,970 (8.87%)

Ottawa: $17,213 (11.14%)

Manitoba: $16,709 (0.92%)

Winnipeg: $9,542 (-6.46%)

Saskatchewan: $14,262 (9.10%)

Alberta: $76,207 (-0.66%)

Calgary: $20,776 (-2.25%)

Edmonton: $26,423 (0.78%)

British Columbia: $67,274 (8.07%)

Vancouver: $20,024 (-0.44%)

Yukon: $1,105 (-0.18%)

Source: Statistics Canada

Image courtesy of Canvas Cannabis

 

 

Tags: 2024 cannabis sales (4), Alberta cannabis (57), April 2024 sales (1), BC Cannabis (40), Canadian Cannabis (113), Cannabis Industry (186), Cannabis Retail (401), Cannabis Sales (69), Ontario Cannabis (70), provincial sales (5)