Canadian cannabis sales totaled C$185.9 million for May. Statistics Canada reported Tuesday, a trend that would bring the annual cannabis market to C$2.2 billion.
These figures represent an increase of 4.2% from April to May of this year, following a very slight decrease from March to April, from C$180.1 million to C$178.4 million.
We view this performance as resilient and robust as store closures persisted in May, which dampened sales,” commented Andrew Carter and Christopher Growe, analysts at Stifel, estimate that the Canadian market will exceed C$2.4 billion in 2020.
The May figures also reveal that a quarter of all sales took place in Alberta, reveals an imbalance between retail stores across the country. Alberta, Canada’s fourth-largest province, has approximately 500 licensed cannabis dispensaries and accounts for almost 25% of cannabis sales in Canada, or about C$46.3 million in April. To date, the province leads the country in cannabis sales.
Cannabis sales in Canada
Other provinces like Ontario or Quebec still have few outlets. However, Ontario also saw a 2.2% increase in sales in May to reach C$4.1 million.
Sales in Quebec fell by 6.1% to C$38.5 million, drop attributed to “some inventory sell-offs as sales remained steady during the first two months of SQDC store closures, as well as significant price compression on dried flowers. The Sales may also have limited by the Quebec ban on edible products, popular in other provinces.
Except for New Brunswick, sales in other provinces increased during this period.