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Cannabis Summary for Jan. 20, 2023

2023-01-20 20:04 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added a fraction to 34.46, while the CSE Composite Index added a fraction to 199.03. Canadian cannabis sales fell for the second month in a row, coming in at $373.2-million in November, according to data released this morning by Statistics Canada. This is down from $390.1-million in October and $392.2-million in August.

The numbers point to a faster-than-expected slowdown in the Canadian cannabis market. This time last year, a common prediction among analysts -- such as CIBC's John Zamparo and ATB Capital's Frederico Gomes -- was that full-year Canadian cannabis sales would land between $4.8-billion and $4.9-billion in 2022. Such forecasts saw several downward revisions over the months as prices dwindled and volumes mellowed. In October, for example, the above Mr. Gomes cut his 2022 forecast to $4.5-billion from $4.7-billion. Even this now looks overly optimistic, with StatsCan showing that sales from January through November came to just $4.0-billion.

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