The Alberta Gaming, Liquor and Cannabis Commission (AGLC) brought in $63.9 million in net revenue from $673.5 million worth of cannabis sold in the province for the year ended on March 31, 2024, reporting $10.8 million in net income after expenses.
This is up from the $60.4 million in net revenue in the previous year but down from the $18 million in net revenue for the 2022-2023 fiscal year. This is due to higher operating expenses and significantly lower profit from operations in the most recent year.
This figure does not include an additional $210 million in cannabis tax revenue collected by the Government of Alberta for the year ending March 31, 2024. The province’s additional 6% markup on cannabis products contributed to net revenue of $38.1 million.
Net income for the AGLC for all the files it manages (cannabis, liquor, and gaming) was $2.3 billion in the most recent fiscal year.
The 2022-2023 fiscal year was the AGLC’s first profitable year from cannabis sales.
The number of licensed cannabis stores at the end of March 2024 was down slightly from previous years, with 752 compared to 756 in the two previous years.
Every product category except for dried flower, milled flower, beverages, topicals and seeds saw total dollars sold increase.
Sales of dried flower were relatively flat at $207.4 million compared to $206.9 million in the 2022-2023 fiscal year, and down from $226.5 million in 2021-2022, likely reflecting ongoing price compression as well as a shift in the market to concentrates and vape pens.
Despite this decline in total revenue, the volume of dried cannabis sold continued to increase, reflecting declining retail prices. The province sold 65,127 kg in the 2024 fiscal year, up from 59,121 in the previous year and 59,490 in 2022.
The number of vapes sold and total sales also increased, as did pre-rolls, extracts (significantly so), edibles, and beverages.
Other highlights from the AGLC’s 2023-2024 fiscal report:
- The AGLC estimates it saved the cannabis industry more than $4 million through the reduction of listing fees for cannabis SKUs, among other procedural changes.
- Another nearly $3 million in estimated cost savings for the industry through the amendment of storage requirements.
- Alberta expanded access to legally regulated cannabis with temporary retail sales at events (i.e. festivals) and extended hours of operations approved, increasing revenue-generating opportunities.
- The AGLC conducted 3,442 inspections of cannabis retailers, with a 98% compliance rate.
- The province spent $2.1 million on its Cannabis Sense education program.
- The province is currently developing a recycling plan that will allow for cannabis containers to be recycled.
- As of March 31, 2024, Alberta had 2,356 cannabis SKUs listed for sale, up from 2,085 in 2023 and 1,664 in 2022.
Chart from AGLC.ca
StratCann – | David Brown