Retail cannabis sales in Canada have shown a fluctuating trend in recent months, with sales rebounding in February and April after a dip in January 2024. According to Statistics Canada, retail cannabis sales reached $539 million in April, up from $518 million in January. Despite the year-over-year growth in sales, the rate of increase has been slowing down, indicating a possible saturation point in the market.

The figures reveal that retail cannabis sales in Canada have been on a rollercoaster ride, hitting a record high of $564 million in August 2023, followed by a series of declines before bouncing back to $539 million in December. However, January 2024 saw a drop to $518 million, based on seasonally adjusted numbers. This represents a $20 million increase from the sales figures in January 2023.

Since the legalization of cannabis, sales have been on an upward trajectory, but the exponential growth has tapered off in recent years. From January 2019 to January 2020, sales nearly tripled from $54 million to $160 million. Subsequent years saw more modest increases, with sales reaching $498 million in January 2023 and $518 million in January 2024, indicating a 4% annual growth rate.

Wholesale sales, price, and volume of cannabis experienced a decline in April, dropping from a peak of $636 million in March 2024. Similarly, the number of retail stores across Canada decreased by 26, with British Columbia and Alberta accounting for the majority of closures. As of June 21, 2024, there were 3,663 authorized retail cannabis stores in Canada, down from 3,689 in March.

British Columbia witnessed a decrease of 25 stores, while Alberta saw a decline of 44 stores. In contrast, Saskatchewan, Manitoba, Ontario, and Quebec either saw an increase in the number of retail stores or remained stable during the same period.