Cannabis retail sales in Canada continued to increase in May 2024 but annual growth has slowed according to new data from Statistics Canada.
Sales hit $434.46 million in May 2024, up 5.18% from April and 2.14% from May last year. But over the past several years, year-over-year growth has slowed suggesting the market is nearing a possible saturation point.
Sales increased by 67.96% from May 2020 to 2021, by 19.40% from 2021 and 2022, and by 13.85% from 2022 to 2023.
In May 2024, every province saw an increase in monthly sales, except for Ontario and British Columbia. Nova Scotia, Alberta, and Saskatchewan saw the biggest increases. Similarly, on an annual basis, all provinces save for Ontario and BC, saw year-over-year growth. Newfoundland, Quebec, and Manitoba saw the biggest increases.
Prairies
Cannabis sales in the Prairie provinces boomed in May 2024 compared to both April 2024 and May 2023.
Manitoba sales jumped to $20.49 million, reflecting a 27.56% year-over-year increase. Saskatchewan also saw a significant rise, with sales reaching $16.94 million, up 13.12% from May 2023.
In June, Manitoba Liquor & Lotteries announced that five private cannabis distributors are fully licensed by the Liquor, Gaming, and Cannabis Authority of Manitoba. These distributors are available for producers selling into the market and looking for an alternative to direct-to-retail shipping or cross-docking. The province is also putting new rules in place to ensure cannabis sold in Manitoba is fresher.
Alberta’s sales climbed to $78.87 million in May, representing a 23.78% increase from the previous month but a more modest 6.19% growth compared to May 2023. While Calgary’s sales dipped slightly year-over-year, reaching $20.37 million in May, Edmonton’s sales continued an upward trend, hitting $27.44 million, up 10.01% from May 2023.
Interestingly, Winnipeg’s growth significantly outpaced Manitoba’s provincial increase, with sales reaching $13.49 million in May, a 37.34% jump from the same month last year.
Ontario
Cannabis sales in Ontario dipped in May 2024, reaching $155.07 million. This represents a decrease of 5.35% from April and 11.58% from May 2023. It appears sales in Ontario’s major cities followed a similar trend, with Toronto and Ottawa also experiencing declines from both the previous month and May 2023. There have been a lot of license cancellations in Ontario recently which is reflected in their sales numbers.
Quebec
Cannabis sales in Quebec surged in May 2024, with the province reaching $68.54 million, a significant jump of 20.96% from April and 30.05% year-over-year. This growth was particularly strong in Montreal, where sales hit $40.78 million, up a whopping 41.88% from the previous month and 40.64% from May 2023.
Quebec City also saw a substantial increase, with sales reaching $5.63 million, reflecting a 62.26% rise from April. Gatineau’s sales, however, showed a different trend, increasing 29.85% from last month but dipping slightly by 6.81% compared to May 2023.
British Columbia
Cannabis sales in BC dipped in May 2024 compared to both April and May 2023. The province brought in $63.27 million, reflecting a decrease of 6.12% from the previous month and 2.48% from last year.
Vancouver, the province’s largest city, mirrored this trend with sales of $19.48 million in May, showing a decline of 3.34% from April and a steeper 9.65% decrease from May 2023.
Maritimes
Cannabis sales in Canada’s Maritime provinces increased in May 2024 compared to both April 2024 and May 2023. Nova Scotia had the highest sales in May at $10.48 million, followed by New Brunswick ($8.04 million), Newfoundland ($7.98 million), and Prince Edward Island ($2.12 million).
Interestingly, Nova Scotia also saw the biggest jump in sales from last month at 29.03%, while Newfoundland had the most significant year-over-year increase at 27.80%.
In June, the Nova Scotia Liquor Corporation released their year-end financial report for April 1, 2023 to March 31, 2024 with cannabis sales up 8.9% to $121.0 million. Nova Scotia cannabis accounted for 32.7% of all cannabis sales.
New Brunswick opened its ninth private cannabis store in June.
Provincial Sales (x1,000)
Canada: $434,457 (5.83%)
Newfoundland & Labrador: $7,981 (3.81%)
Prince Edward Island: $2,121 (2.61%)
Nova Scotia: $10,475 (29.03%)
New Brunswick: $8,040 (26.34%)
Quebec: $68,537 (20.96%)
Montreal: $40,781 (41.88%)
Quebec City: $5,632 (62.26%)
Gatineau: $1,205 (29.85%)
Ontario: $155,071 (-5.35%)
Toronto: $49,634 (-8.03%)
Ottawa: $15,505 (-9.92%)
Manitoba: $20,485 (7.97%)
Winnipeg: $13,487 (7.97%)
Saskatchewan: $16,941 (27.03%)
Alberta: $78,868 (23.78%)
Calgary: $20,368 (15.30%)
Edmonton: $27,438 (27.03%)
British Columbia: $63,274 (-6.12%)
Vancouver: $19,476 (-3.34%)
Yukon: $1,179 (6.70%)
Source: Statistics Canada