Wholesale cannabis sales, CPI increase in May

July 19, 2024 | Staff

Wholesale cannabis sales increased to $553 million in May after a steep decline in April, following record-high rates in March 2024.

Cannabis continues to outperform much of the Canadian economy, with sales declining in five of seven sectors. Excluding petroleum products and other hydrocarbons, as well as oilseed and grain, wholesale sales fell 0.8% in May across Canada.

Wholesale cannabis trade and inventories also saw an increase in May, rising to $294,102 from $289,764 in April. The previous high point was $301,077 in November 2022.

The most recent monthly retail cannabis sales figures show sales rebounded in February and April after dropping to their lowest in nearly a year in January 2024.

While wholesale cannabis sales in May were around $553 million, this was more than double what cigarette and tobacco product merchant wholesalers brought in, at about $228 million.

Wholesale merchants’ sales of cannabis, seasonally adjusted, were up 12.1% in May 2024 from May 2023 and up 19% from April 2024 to May 2024.

Meanwhile, Statistics Canada’s consumer price index shows that the price of cannabis increased by one tenth of a point from May to June and from June 2023-June 2024 (71.6).

This small increase was after a seven month decline, which itself was preceded by a brief spike in prices in October 2023. The CPI baseline was set at 100 in December 2018, following legalization.