Canadian Cannabis Sales Increased 0.7% Sequentially to Record C$375.8 Million in May

Statistics Canada released May retail sales for the country, with cannabis sales increasing from April by 0.7% to C$375.8 million. April was revised from C$372.4 million to C$373.4 million. The sales were up 20.1% from a year ago, down from the 26.1% April growth rate and near the lowest annual growth rate of 19.2% in December:

An increase in the number of stores as well as falling flower prices that bring consumers from the illicit market have been boosting sales. In Ontario, the largest province in population, sales were up 0.5% from April and up 37% from a year ago, reflecting the increase in the number of stores. Alberta, which is the second-largest province, was up 1% from April and up 9% from a year ago. Quebec was up 0.7% from April and up 2% from a year ago, while British Columbia was up 4% from April as it advanced 29% from a year ago.

Hifyre IQ had forecast May sales of C$367.4 million based upon its data. The data analytics provider has been estimating June sales to be 0.8% higher, which would be 1.5% below the actual May level and up 20.6% from a year ago, based upon its data. Hifyre estimates non-flower sales at 29.0% in May and 29.3% in June.

The June sales data will be released on August 19th.

Based in Houston, Alan leverages his experience as founder of online community 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email