Cannabis sales in Canada seem to be recovering after another month of improvement. New data from Statistics Canada revealed that cannabis sales in April improved 25.8% year-over-year reaching CA$ 372.4 million ($286.5 million), reports New Cannabis Ventures.
Sales growth, according to the outlet, can be attributed to an increase in the cannabis retail outlets and falling flower prices.
Ontario, Canada’s largest province by population, saw sales increase 4% sequentially and 53% year-over-year. In British Columbia, sales were down 6% quarter-over-quarter, and up 21% compared to the same period of last year.
Hifyre IQ, a data analytics provider, projected April sales of CA$370 million with flower and pre-rolls the best-selling product categories in April, accounting for over 70% of total cannabis sales.
Top Canadian Companies By Revenue In May
Meanwhile, Canopy Growth Corp. CGC, High Tide Inc. HITI and HEXO Corp HEXO were the top three Canadian companies reporting earnings in May.
The Smiths Falls, Ontario-based Canopy Growth reported a 25% quarter-over-quarter decline in the fourth-quarter revenue to CA$112 million (CA$88.4 million).
High Tide, which wrapped up its CA$2.8 million acquisition of 100% of the equity interest of Livonit Foods Inc. operating as Bud Heaven, reported that its revenue almost doubled over the year to CA$72.2 million ($57.1 million) in the first quarter of 2022.
HEXO, which recently entered a definitive agreement for a commercial and financial partnership with Tilray Brands, Inc. TLRY reported total March net revenues of CA$52.8 million for the second quarter of 2022 while revealing a net loss of CA$690.2 million ($546,94 million).
Photo: Courtesy of Benzinga