Cannabis sales rebound in April/May following post-holiday declines

Retail cannabis sales continued to rebound in May following declines from a peak last summer.

Retail cannabis sales in Canada were $434.5 million (seasonally adjusted), up from $410.5 million in April and $406.8 million in March. Sales dropped to $402 million in January and $386.8 million in February, following a spike in sales at $448.7 million in December.

Cannabis sales continue to increase year over year, with spikes in sales in the summer and the winter holiday season, but the pace of those annual increases has been slowing in the last few years as the market appears to be reaching a possible saturation point. 

The current high mark for sales was August 2023, when retail cannabis sales reached $469 million. The previous high water mark was December 2022 at $425.9 million. 

The number of cannabis stores in Canada has also been slowing in many provinces and even declining in some in 2024. 

As of June 21, 2024, there were 3,663 authorized retail cannabis stores in Canada, down from 3,689 in March. This figure excludes provincial online stores.

The declines came from BC and Alberta, with BC showing 25 fewer stores and Alberta losing 44. All other provinces showed increases or stayed the same.

• British Columbia: 487 public and private stores either open or “coming soon,” down from 512 in March (-25)
• Alberta: 708, down from 752 in March (-44)
• Saskatchewan: 187, up from 185 in March (+2)
• Manitoba: 206, 124 of which are in Winnipeg, up from 204 in March (+2)
• Ontario: 1,807 listed as authorized to open, up from 1,778 in March (+29)
• Quebec: 99, up from 98 in March (+1)
• New Brunswick: 27 public stores, up from 25 in March, plus eight private stores and six farmgate stores, for a total of 41 (1 more private store is expected to open in late June) (+2)
• Nova Scotia: 50, up from 49 in March (+1)
• PEI: 5, up from 4 in January (+1)
• Newfoundland and Labrador: 59, up from 55 in March (+4)
• Northwest Territories: 6 brick-and-mortar locations, plus 1 private online store
• Nunavut: 2, up from 1 in March (+1)
• Yukon: 6