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Some Markets See Cannabis Sales Flattening, Falling
1d ago Cannabis greenmarketreport Views: 141

-

As more states begin selling adult-use cannabis, some states are seeing sales
decline or at least plateau. In the case of a mature market like Colorado, sales
have actually dropped. Colorado was the OG of adult-use sales, creating an
onslaught of canna-tourism. Now, many people can go to states closer to where
they live. Illinois and Michigan can service the midwest, while Massachusetts
got a head start on the Northeast. Oklahoma has grabbed the central market and
likely lots of Texans. 


COLORADO SALES FALL

Earlier this week, the Colorado Department of Revenue’s (CDOR) figures released
data showing that cannabis sales of $145 million in February dropped 3% from
January’s sales of $151 million. It’s also a big drop of 13% from sales in 2021.
For the first two months of 2022, cannabis sales had hit $296 million, while in
2021 the first two months delivered sales of $354 million. The pattern of
February sales being lower than January seems to be consistent with previous
years. Colorado hasn’t cracked $200 million in sales for a month since July
2021. 

-

That also means tax revenues from cannabis are slipping as well. Taxes and fees
dropped to $27 million in February from $28 million in January. To be sure,
these are all still respectable numbers, but it does demonstrate that the
cannabis market has limits.


MICHIGAN

Michigan released its cannabis sales figures for March and while the state
breaks them into two categories – adult-use and medical, sales have slipped here
as well. Adult-use sales in March did rise to $121 million but fell 6% from
February. Medical cannabis sales dropped 33% from last year but did increase 23%
over February. However, before anyone fears the market is having some sort of
green-out phase, overall sales in 2021 were $1.79 billion, and 2022 looks to be
on track to beat that. More municipalities are coming on board and more popular
products hitting the state. 

 

-

-

 


CALIFORNIA

While the California market has its fair share of problems, which the Green
Market Report covered in a recent series, it remains a huge market. However,
even the biggest markets can experience declines. Looking at 2021 figures, the
second quarter was the best clocking in with $1.42 billion in sales, but that
steadily declined to $1.29 billion in the third quarter and then $1.25 billion
in the fourth quarter. This just barely topped the fourth quarter of 2020 that
reporting $1.24 billion in sales. The state has not released any sales data for
2022 yet.

Some Markets See Cannabis Sales Flattening, Falling on Green Market Report.




- Posted on Apr 13, 2022
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