Cannabis sales in Canada hit record high in July

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Cannabis sales in Canada hit record high in July

Statistics Canada released retail cannabis sales for the country in July. Marijuana sales increased by 4.5% to C $394.8 M., according to the reports.

The month was longer by 3.3%. June was revised from C $377.5 million to C $377.9 million. Sales rose 17.8% from a year ago, a decline from June's 23.2% growth rate, according to the report.

The growth was the lowest on record, behind the previous lowest annual growth rate of 19.2% in December, according to a report by New Cannabis Venture's Alan Brochstein.

The increase in the number of stores has resulted in increased sales in the country. The fall in flower prices attracts consumers from the illicit market.

In Ontario, the province with the largest population, sales increased by 4.4% from June to 30% compared to a year ago, reflecting the increase in the number of stores. Alberta, which is the second largest province, is up 2.9% from June and 14% from a year ago, according to the report.

Quebec is up 0.4% from June and down 4% from a year ago, while British Columbia is up 5.9% from June and up 17% from a year ago. Hifyre IQ forecasted sales of 404.8 million Canadian dollars in July.

The data analytics provider estimated August sales to be 0.6% lower, which would be 1.9% above the actual level and 15.5% higher than a year ago. In July non-flower sales were 29.0% and 28.9% in August, according to Hifyre. The report stated that August sales data will be released on October 21.

Courtesy Of Kenny Eliason On Unsplash