Canadian Cannabis Sales Beat Estimates Growing 1.3% in April

Canadian cannabis sales in April rose by 1.3% month-on-month, beating industry forecasts amid falling flower prices.

New figures from Statistics Canada, reported by New Cannabis Ventures, show that sales in April hit C$411.7m, up from revised sales of C$406.4m in March.

This represented a 4.7% increase on a per-day basis, and a 10.3% increases compared to the same period last year, though this was down on March’s 13.1% year-on-year growth.

Following a 17.9% increase in total sales throughout 2022, cannabis sales have increased 12.4% so far this year.

READ MORE: Californian Distribution Giant Herbl Collapses, Leaving Potentially Tens Of Millions In Unpaid Invoices

This came ahead of forecasts from Hifyre HQ, which predicted sales of C$404.2m, while estimating sales outside of flower and pre-rolls of 30.6% for April.

The growth has been attributed to continually falling flower prices and an increase in the number of stores, both of which have helped capture consumers from the black market.

British Columbia saw the highest growth rate during the month, with sales up 8.7% on March and 29% year-on-year.

The largest province by population, Ontario, also saw sales rise 1.5% from March and a 7% increase in 2022.

Meanwhile, Quebec saw sales fall 4.2% month-on-month and around 3%  compared to the same period a year earlier.