Hashish Gross sales Slowed Forward of the Summer season – New Hashish Ventures

The slowdown in May growth trends that we discussed last month continued into June, according to cannabis data analytics firm BDSA. Comparing it to a year ago, when demand spiked during the pandemic, has created challenges as two states, Colorado and Oregon, saw sales declines compared to then. Most markets saw a sequential decline, with some topping 3.2%, one day less than May. In this overview, we’ll look at the markets one at a time, starting with the more mature western markets and then moving on to the newer eastern markets.

Western markets

BDSA provides coverage for Arizona, California, Colorado, Nevada, and Oregon. In April, growth ranged from -3% in Colorado to 29% in Arizona year over year.

Arizona

Arizona switched to adult use in late January, but this is the third month that BDSA has taken adult sales into account. Total cannabis sales rose 29% to $ 117.9 million, with adult use at $ 53.7 million, down slightly from May. Medical cannabis sales fell 30% to $ 64 million. Sequentially, overall growth decreased 7.1%, with medical use decreasing 4% and adult use decreasing 0.4%. Growth was strong across all categories, but by far the highest growth was in pre-rolls, up 184%.

California

Annual sales rose 13.8% to $ 331.8 million, down 5% from June and 7% from the record high in April. Flower expanded 8%, with low double-digit growth in ingestible foods and concentrates, while pre-rolls grew more than 50%.

Colorado

The Colorado mature market, which showed strong growth last year, declined 5% year over year. Last June, sales had increased by 30.4%, so sales increased by 23.9% compared to the previous year (11.3% overall growth). Sequentially, revenue decreased 5.3% to $ 190.5 million. Flower was down 18% while pre-rolls were up 26%. Dietary supplements gained 7% while concentrates increased 8%.

Nevada

Given that Las Vegas fully reopened in June, the sequential decline of 8.8 was disappointing. Year over year, June revenue rose 19.5% to $ 79.7 million. Edibles rose 11%, with concentrates growing 15%, flowering 21%, and pre-rolls growing 27%.

Oregon

Oregon, another mature market that saw explosive growth after the pandemic, declined 1% year-over-year, with sales declining 6% from May of $ 99.3 million. Flower was down 5% while pre-rolls were up 30%. Edibles fell 28% while concentrates rose 11%.

Eastern markets

In the newer markets, annual growth continued to slow in all markets. Note that we wrote about June data for Illinois based on data for the state a month ago. BDSA provides more comprehensive data than the state and breaks down sales by product type. The state reported very strong adult sales in July, growing 110% to a record $ 127.8 million. Medical device sales should be reported in the coming week. Note that BDSA began providing data for Florida, Michigan, and Pennsylvania since January. Florida sales rose 3% sequentially to a record $ 155.7 million, while Pennsylvania sales fell to $ 102.7 million for the second straight month. Michigan, which we described earlier, had total sales of $ 149 million, up 65% year over year. BDSA includes accessories that increased sales in June from $ 150.9 million in May to $ 151.7 million.

Illinois

Combined adult and medical device sales in Illinois in June, including accessories, decreased 2% to $ 147.3 million, up 90.6% year over year. Flower led all categories, increasing 111% while pre-rolls were 104%. Concentrates gained 76% while ingestible foods increased 68%.

Maryland

This medical market continued to experience slower growth with only 19% year-over-year growth. Revenue decreased 4% sequentially to $ 45 million. Edibles topped all categories, increasing 33%.

Massachusetts

The growing store base helped Massachusetts post solid numbers, with sales increasing 0.6% from May and 79% year over year to $ 132.9 million. Flower expanded 60% while concentrates gained 74%. Income sources increased 87% and pre-rolls increased 164%. This category accounted for 14.6% of total sales.

For readers interested in a deeper dive into the cannabis markets in these eight states and more, including segmenting by additional product categories, brand and item details, longer history, and segmenting by product attributes, learn how BDSA Solutions gives you unrestricted access to the most accurate and actionable data and analysis.

Alan Brochstein, CFA

Alan is based in Houston and leverages his experience as the founder of the online community 420 Investor, the first and still largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and enable its sustainable growth. At New Cannabis Ventures he is responsible for content development and strategic alliances. Before Alan, who began his career on Wall Street in 1986, switched his focus to the cannabis industry, he worked as an independent research analyst after over two decades in research and portfolio management. A prolific writer with over 650 articles published on Seeking Alpha since 2007, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source for the media including the NY Times, the Wall Street Journal, Fox Business , and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | E-mail

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In this article:

Arizona, bdsa, california, cannabis data analysis, colorado, florida, illinois, maryland, massachusetts, michigan, nevada, oregon, pennsylvania

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