After the rollercoaster that cannabis sales were on during the last four months, things settled down in March, and have remained flat since.
Sales significantly dropped in January after a sharp month-over-month bounce in December, only to get back onto a growth trajectory in February.
In addition to the ongoing pressure from declining flower sales, overall cannabis sales were down year-over-year in 6 markets. In total, sales across the 11 markets totaled $1.49 billion during the month.
Western Markets
According to BDSA, in west-coast markets during March, year-over-year growth ranged from -28.8% in Nevada to 50.3% in Arizona.
Arizona
- Combined sales totaled $111.7 million, up 50.3% compared to a year ago and up 9.5% from February.
- Medical sales amounted to $45.7 million, down 39% from a year ago and up 5% sequentially.
- Adult-use sales of $66.1 million increased 13% from February.
California
- California sales grew by 9.5% quarter-over-quarter to $282.8 million and declined 18.9% compared to a year ago.
- Flower sales continue to drag down overall sales, declining 28%, with pre-rolls gaining 2%.
- Ingestibles fell 14%, while concentrates dropped 17% from a year ago during March.
Colorado
- Sales increased 7.5% in March compared to the month before, declining 19.1% from a year ago to $167.4 million.
- Flower, which was down 24%, drove overall sales lower, with pre-rolls declining 8%, with ingestibles dropping 17% and concentrates 16%.
Nevada
- Sales increased 0.2% compared to February, dropping 28.8% from a year ago to $59.9 million.
- Flower sales are the main driver of the drop here as well, with March sales declining 37% from a year ago.
- Concentrates decreased 16%, while ingestibles declined 28% and pre-rolls fell 17%.
New Mexicans Bought $22.1M Worth Of Cannabis In The First Month Of Legal Rec Sales
In April 2021, New Mexico became the latest state to legalize adult-use cannabis after Gov. Michelle Lujan Grisham signed the Cannabis Regulation Act. A year later, the Land of Enchantment kicked off recreational marijuana sales. In the first weekend of sales, New Mexicans purchased $3.5 million worth of cannabis.
Now, after one month, the state’s cannabis sales reached $22.1 million in April, according to new data released by the Cannabis Control Division (CCD.)
Albuquerque hit a record with $8 million in recreational cannabis sold for the period, reported KRQE News. Las Cruces came in second, selling $2.06 million. Santa Fe sold over $1.8 million worth of recreational cannabis in the previous month.
“The new industry is projected to generate $300 million annually in sales, create 11,000 jobs and bring in $50 million in state revenue in the first year alone,” according to the CCD.
- Find out what happened with sales in Oregon as well as in East Coast and Mid-West markets (Florida, Illinois, Maryland, Massachusetts, Michigan and Pennsylvania) in this analysis by New Cannabis Ventures.
Photo: Courtesy of Thought Catalog on Unsplash
