You are here
Home 🌿 Marijuana Business News 🌿 The Canadian Cannabis Retail Landscape is starting to show signs of Significant Growth 🌿News Categories
The Canadian Cannabis Retail Landscape is starting to show signs of Significant Growth
Earnings season is just getting started for the cannabis sector and we hope to see a positive response from the market to company results.
Last week, Statistics Canada announced that $292.1 million (USD) (C$375.8 million) of recreational cannabis was sold in May. This amount is less than 1% higher than the amount of sales in April and we are favorable on the increase. Statistics Canada also updated the amount of recreational cannabis sales from April to be CA$373.3 million, which is slightly higher than the amount that was previously reported. (Technical420)
Breaking Down Performance by Province
When analyzing the Canadian provinces that accounted for most of the growth, British Columbia reported a 3.9% monthly increase in total recreational cannabis sales to be C$55 million.
Ontario is Canada’s largest cannabis market and the province accounted for C$151.6 million of recreational cannabis sales in May. When compared to April, Ontario recorded a slightly increase in sales and we will monitor how the province continues to perform
Alberta and Quebec are two emerging markets in Canada and account for a decent percentage of recreational cannabis sales. In May, the provinces generated C$65.4 million and C$50.5 million of recreational sales, respectively. These amounts were also slightly higher than what was reported in April and believe our readers should be aware of the trend.
High Tide Inc. (Nasdaq: HITI) (TSX Venture: HITI) has one of the largest cannabis retail footprint in Canada. Last month, the company released second quarter financial results and reported strong growth when compared to the prior quarter.
Although High Tide reported strong growth on several key operating metrics, the market responded negatively and the stock has lost more than 30% of its value since then. High Tide has fallen almost 80% from its 2022 highs and we are closely monitoring the trend as we believe the recent weakness is overdone.
420 Intel is Your Source for Marijuana News
420 Intel is the leading source for cannabis news from around the world. Get the latest updates on cannabis legalization, politics and technology, as well as developments in medical and recreational marijuana news. Our commitment is to bring you the most important cannabis news stories every day of the week.
At 420 Intel we understand that effective marijuana industry news coverage is a constant endeavor. Every day stories develop regarding cannabis legalization, technological developments, and the medicinal benefits of marijuana use. Each new development carries the potential to impact the marijuana industry regionally, nationally, and internationally. 420 Intel is the marijuana industry news outlet that will keep you up to date on these developments and how they impact the world around you.
With the marijuana industry constantly evolving, you need a cannabis news outlet to keep you abreast of the pertinent information. At 420 Intel, we cover marijuana legalization news throughout the world, offer reliable information for cannabis business owners, detail technological advances that impact the marijuana industry, cover marijuana rallies from across the globe, and everything in between.
You can get 420 Intel news delivered directly to your inbox by signing up for our daily marijuana news, ensuring you’re always kept up to date on the ever-changing cannabis industry. To stay even better informed about marijuana legalization news follow us on Twitter, Facebook and LinkedIn.