Statistics Canada released November retail sales for the country this morning, with cannabis sales decreasing from October by 2.9% to C$353.7 million. The sales were up 36.3% from a year ago, up slightly from 35.7% in October.

Hifyre IQ had forecast sales of C$348 million based upon its data. The data analytics provider has been estimating December sales to be 8% higher, which would be 4.6% above the actual November level and up 24% from a year ago.

COVID lockdowns have been weighing on retail sales, while 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 2% from October and 83% from a year ago, reflecting the increase in the number of stores. Alberta, which is the second-largest province, was down 7% from October and up 9% from a year ago. Quebec was down 7%, while British Columbia was down 5% from October as it advanced 31% from a year ago.

Hifyre IQ estimated that product categories have seen a shift towards non-flower products, which it estimates at 28.4% in November compared to 27.9% in October. In December, Hifyre estimates that non-flower products increased to a record 29.9%, with primarily edibles driving the growth.

The December sales data will be released on February 18th.

Exclusive article by Alan Brochstein, CFA
Alan Brochstein, CFA
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


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