Cannabis sales in Canada dropped to their lowest level in nearly a year in January, according to the latest figures from Statistics Canada.
Adult-use cannabis sales fell by over 11% to C$400.1m in January 2024, down from C$451.8m in December 2023, though this figure was revised upwards from $441.2m.
Compared to January 2023, sales grew by just 1.2%, marking a significant fall in year-on-year growth compared to the 14.1% seen between January 2022 and 2023.
Last year also saw the steepest decline in annual sales since legalization in 2018, falling for three consecutive months after a high point in August 2023, before recovering in December.
Between August and November 2023, retail sales fell 12% from C$467m to C$407.9m, although sales for the year still saw marginal growth, increasing to C$5.08bn from C$5.07bn.
The number of adult-use cannabis stores also declined in January, dropping from 562 to 498, the lowest number seen since April 2023.
The number of retail stores across Canada also declined. As of March 2024, there were 3,690 (up from 3,682 in January) cannabis stores in Canada, excluding provincial online stores.
It comes as a number of key changes to Canada’s Cannabis Act have been proposed as part of a long-running review into cannabis legalisation.
As Business of Cannabis reported on Friday, this includes changes to the excise tax burden, and could allow cultivators to sell directly to consumers.
