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Wholesale cannabis sales, prices, and volumes decline

Wholesale sales, prices, and volumes for cannabis merchant wholesalers continue to decline from record highs in 2024.

The monthly figures from Statistics Canada track wholesale sales, prices, and volumes, for different industries in Canada, adjusted to remove seasonal variations. 

Those figures dropped to $508 million in April 2025, significantly below the previous month’s $541 million and $544 million for April 2024. The high water mark so far was in February and again in August 2024, followed by several months of declines.

Wholesale trade and sales for cannabis wholesale merchants in April 2025 declined to $247 million from $260.8 million in the previous month and $255.3 million in April 2024. 

Meanwhile, wholesale trade and inventories for cannabis merchant wholesalers declined slightly in April 2025 ($276.8 million) from the previous month but stayed relatively level since early 2023, with some fluctuations. 

Although provincial sales figures in provinces like Ontario, BC, and Quebec show increases in sales, cannabis sales in Canada have been slowing down after several years of rapid growth following the legalization of cannabis in October 2018. 

After several years of consistent growth, retail cannabis sales in Canada have been fluctuating between $400 and $500 million a month for most of the past two years. Year-over-year sales have increased each month since August 2024, although for several months prior, month-over-month sales showed annual declines. 

Licensed cannabis production saw a 10.6% increase from March 2024 to March 2025 and a 1.2% increase from February 2025 to March 2025, while the unlicensed sector saw a 4.5% and 0.2% decrease, respectively. 

Licensed cannabis stores saw a 4.7% year-over-year increase from March 2024 to March 2025 but a 0.2% decrease from February 2025 to March 2025. Unlicensed cannabis stores saw a 4.4% and 0.1% decrease over the same time periods. 

Household final consumption expenditure on cannabis in Q1 2025 was $11.7 billion. To compare, alcohol accounted for $23.2 billion, and tobacco for $11.9 billion.

The combined revenue, expenditure and budgetary balance of provincial and territorial administration from cannabis taxes and cannabis trading profits was $1.5 billion in Q1 2025, down from $1.032 billion in Q4 2024 but up from $868 billion in Q1 2024.

There are currently around 4,000 licensed cannabis stores in Canada.

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How has 420 changed in Canada since legalization?

While April 20, or 420 (or 4/20 or Four Twenty), is still a popular annual day for cannabis consumers to celebrate the plant and its use, the day isn’t the weed version of Saint Patrick’s Day that some might assume. 

Although many retail stores and even brands host 420-themed events, and there are still small events and rallies around the country, this does not necessarily translate to an increase in sales, at least for some retailers in Canada. 

Many consumers aren’t even aware it’s 420 when they stop into the weed store on April 20, says Daniel Nguyen, founder and CEO of Numo Cannabis, with five stores in Alberta. While the day was once a rallying point for legalization activists, the normality of legalization took away some of the general interest. 

“We don’t see as much focus on it anymore,” says Nguyen. “At Numo, we try to make it an exciting time and a celebration of cannabis, but where 420 felt more like an act of rebellion, now that it’s been legalized we show that culture every single day. So I think the importance is still there, but it’s not something that is driving sales.”

That’s not to say there are no old-school 420 events in Canada. BC Cannabis retailer Mood Cannabis is hosting MoodFest 25 in Nanaimo on April 20, with live music, a dab bar, live glass blowing, food, and more.

“I often think of big adult festivals like Octoberfest in Germany. In Canada we have an opportunity to make 420 an economic opportunity for people, but we have all these restrictions and regulations that keep us from doing anything like that.”

Brodie St Cyr, the director and purchaser at Flamingo+ Cannabis

In Ontario, Cannabis Culture Niagara Falls and the Canadian Cannabis Tourism Alliance are joining together to celebrate 420, as is Ontario cannabis retailer Stok’d Cannabis, which is also hosting a Niagara Falls 420 Expo. Another group is hosting an event called 420 in the Six in Toronto. 

Meanwhile, Vancouver’s 420 rally, which has taken place since the 1990s, held its last official event in 2019. Although some offshoots have emerged post-covid, none have had the same level of attendance as the event in its heyday. 

“It’s not a protest anymore,” says Jennawae Cavion, founder of Calyx + Trichomes, a cannabis retailer in Kingston, Ontario. “We won. So is 420 over? No, but it’s definitely changed a lot since the days before legalization. There are some parties, but we’re not at Yonge and Dundas Square with our signs anymore.”

Still, Cavion, who has worked in the cannabis space since long before legalization and serves as the Executive Director at NORML Canada, says she does still see a bit of an increase in sales around mid to late April every year. However, she’s not sure if it’s because of 420 or because the weather is getting nicer and more people are out and about. 

“It’s surprising, but we actually do see a bump around 420 still, no matter what,” she explains. “I don’t know if it’s just because it coincides with better weather or because there aren’t many 420 events anymore. But in store sales, people are definitely still coming in and looking for special promotions or contests to enter.”

“It’s not a protest anymore. We won. So is 420 over? No, but it’s definitely changed a lot since the days before legalization. There are some parties, but we’re not at Yonge and Dundas Square with our signs anymore.”

Jennawae Cavion, founder of Calyx + Trichomes

Brodie St Cyr, the director and purchaser at Flamingo+ Cannabis, with nine locations in Manitoba and one in Alberta, says he does see an increase in sales, with customers coming specifically asking about 420 products and deals. 

The biggest challenge he sees is that Manitoba’s strict rules against public consumption means any kind of official 420 event is not really possible. 

We’ve noticed there are a lot of customers who don’t realize what 420 is and other retailers who don’t celebrate the day so we try and treat it as a day to show up differently. We make it fun and memorable for both our customers and our teams.”

Kerri Michell, the president of Farmer Jane Cannabis Co.

“We do see a significant spike in 420 sales, but there are some things holding it back in terms of not being able to consume in public in Manitoba, or for the lack of marketing solutions,” says St. Cyr. 

“Four twenty can be a celebratory thing, but since we have so much red tape that restricts us, as a retailer there’s not that much we can do. We can throw some sales on our products, but other than that there’s no way we can promote this.”

“I often think of big adult festivals like Octoberfest in Germany. In Canada we have an opportunity to make 420 an economic opportunity for people, but we have all these restrictions and regulations that keep us from doing anything like that.”

“We don’t see as much focus on it anymore,” says Nguyen. “At Numo, we try to make it an exciting time and a celebration of cannabis, but where 420 felt more like an act of rebellion, now that it’s been legalized we show that culture every single day. So I think the importance is still there, but it’s not something that is driving sales.”

Daniel Nguyen, founder and CEO of Numo Cannabis

Kerri Michell, the president of Farmer Jane Cannabis Co., with several locations in Manitoba and Saskatchewan, says their stores do see some extra traffic around mid to late April, although not necessarily on April 20 itself. 

“Overall, I would say our stores definitely see a lift in sales during the 420 week. The day itself isn’t always the biggest and it depends a lot on what day of the week it falls on. We’ve noticed there are a lot of customers who don’t realize what 420 is and other retailers who don’t celebrate the day so we try and treat it as a day to show up differently. We make it fun and memorable for both our customers and our teams.”

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