Canadian hashish gross sales have continued their blended efficiency by June 2024, seeing one other dip in whole gross sales, however some states are displaying resilience.
In response to the newest figures from Statistics Canada, fell 6.6% 12 months on 12 months to $405.7m in June 2024, and slightly below 2% from $413.6m in Might.
Gross sales figures have fluctuated all year long (June 2023 – June 2024), with gross sales peaking in August 2023 at $469.0m, earlier than seeing a major drop in January 2024 to $401.9m, marking the bottom level throughout this era.
Between September and November 2023 gross sales started to say no, with November 2023 displaying a drop to $429.0m. Regardless of the vacation season, December 2023 gross sales didn’t totally recuperate, recorded at $448.7m —greater than the earlier months however nonetheless beneath the August peak.
Because the dramatic dip between December 2023 and February 2024, there was a modest restoration throughout these months, with gross sales rising to $410.5 million in April 2024.
The next months have remained comparatively regular, although they’ve failed to achieve the peaks seen final summer season.
On a regional foundation, Quebec and Newfoundland & Labrador have remained resilient, with Quebec displaying progress notably from March 2024 onwards.
Comverselt, Ontario and British Columbia skilled vital declines, with Ontario dropping from $178.9m million in June 2023 to $158.3m in June 2024, and British Columbia from $66.3m to $56.3m over the identical interval. Alberta and Saskatchewan additionally noticed declines, notably sharp after November 2023.
As a result of continued turbulence available in the market, alongside excessive competitors from each the authorized and illicit markets, Canada’s greatest hashish firms are persevering with to deal with worldwide gross sales.
Aurora Hashish reportedly noticed its worldwide gross sales for the primary half of the 12 months enhance by 31% to $39.3m, largely pushed by its acquisition of MedReleaf Australia in February.
As such, the corporate now represents over 30% of Canada’s whole exports on this sector, with sturdy performances in markets akin to Australia, Germany, Israel, Czechia, and Portugal. Progress was notably notable within the Czech and Portuguese markets.
Nonetheless, Tilray has continued to flesh out its providing in Canada over latest weeks, asserting plans to launch a brand new small-batch hashish pressure, Milk & Cookies, below its premium model Damaged Coast on Thursday.
Initially, this new pressure is on the market in choose areas of Canada, together with British Columbia and Alberta, with plans to develop into Ontario, Manitoba, and Saskatchewan within the fall. Pre-rolls of the pressure are already out there in Ontario and Alberta.
