Retail cannabis sales rebounded in February and April after dropping to their lowest in nearly a year in January 2024, according to the most recent figures from Statistics Canada.
Although cannabis sales in Canada still show year-over-year growth, the increase in those sales continues to slow as the market reaches a possible saturation point.
Retail cannabis sales in Canada were $539 million in April 2024, after dropping to $518 million in January after the holiday shopping season. Those numbers were up $11 million in February to $529 million, then declined again in March before increasing again in April to $539 million.
Early Birds numbers are still down from a record high of $564 million in August 2023, which was followed by five months of declines before bouncing back to $539 million in December. Then, in January 2024, retail cannabis sales dropped to $518 million, using seasonally adjusted numbers. This represents a $20 million year-over-year increase from sales figures in January 2023 ($498 million).
Retail cannabis sales have continued to increase on a year-over-year basis since legalization, but the exponential increases have given way to more modest gains as the market appears to be reaching a ceiling in terms of sales.
Read the full article at Stratcann
