Cannabis sales in Canada surged to a record high of C$425.9 million in December, up 13.8% from November. This is a significant increase in sales and shows a growing demand for cannabis in the country.
One of the factors that have contributed to the rise in cannabis sales is the growing number of stores in Canada. As more stores open, it makes it easier for consumers to access cannabis legally, which boosts sales.
Falling prices of cannabis have also been a significant factor in attracting consumers from the illicit market to the legal one. When prices drop, consumers are more likely to buy from legal sources than from the black market.
Ontario, the largest province in Canada, saw the biggest increase in sales with 15.1% from November and a 35% increase from a year ago. This is a positive sign for the cannabis industry in the country.
Alberta and Quebec also experienced an increase in sales, while British Columbia had the most significant increase of 13.3% from November and 21% from a year ago. This shows that the demand for cannabis is not limited to one region but is spread across the country.
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The total sales of cannabis in 2022 increased by 17.9% to C$4.52 billion. This is a substantial increase and shows that the industry is growing and becoming more mainstream.
Hifyre IQ, a data analytics provider, forecasted December sales at C$400.2 million based on its data. However, actual sales exceeded their estimates, which shows that demand for cannabis is increasing faster than expected.
Hifyre IQ estimates that sales outside of flower and pre-rolls were at 32.7% in December and 32.0% in January. This means that consumers are also buying other cannabis products such as edibles and concentrates, which are becoming increasingly popular.
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