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After a record-setting December, Canadian cannabis sales fell seven per cent in January to $395.5 million.
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The sales represent a seven per cent decrease from December’s high of more than $425 million and mark a 14 per cent year over year increase.
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Ontario was responsible for nearly $155M in sales in January, followed by Alberta ($69.5M) and B.C. ($60.6M), according to the latest figures from Statistics Canada.
Nearly ever province saw a slight reduction sales except for Saskatchewan, which recorded $19.1M in sales, a 13 per cent month over month increase.
New Brunswick saw the most precipeorus drop in sales, recording a month over month decrease of nearly 15 per cent.
Canadians purchased more than $4.5 billion of recreational cannabis in 2022, nearly an 18 per cent year-over-year increase.
Earlier this year, the Ontario Cannabis Store, the provincial wholesaler, announced it would reduce its margins in an effort to boost struggling retailers and combat the illicit market. The changes will be implemented in September and the OCS estimates it will contribute approximately $35 million into the marketplace in 2023-24 and compound annually in the years ahead.
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