Organigram On Pace To Beat Tilray And Hexo In QoQ Sales Growth As Canadian Rec. Sales Reach $275.6M

As COVID-related restrictions begin to ease across the globe, some industries are feeling the benefits more than others. When it comes to Canadian recreational cannabis sales, new Hifyre scanner data reveals a 10% improvement sequentially, noted Cantor Fitzgerald’s Pablo Zuanic in his latest report.

The analyst was projecting more of an accelerated growth rate compared to the second-quarter growth pace, but that didn’t happen despite cannabis shops now receiving in-store traffic.

Hifyre estimated August sales reached CA$347 million ($275.6 million), representing

2% month-over-month growth, after hitting CA$339 million in July (which was up 7% from June). The average monthly sales for both months amount to CA$343 million, which is 10% higher than the second quarter monthly average, explained Zuanic.

“If we assumed September is flat month-over-month, this would still imply about 11% sequential quarter-over-quarter growth,” the analyst detailed, adding that this is neither good nor …

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