Montana 2022 Cannabis Sales Eclipse $123 Million

Montana 2022 Cannabis Sales Eclipse 3 Million
Cannabtimes

<![CDATA[One of the nation’s youngest adult-use cannabis retail markets, Montana banked $16.6 million in adult-use sales and $8.3 million in medical sales in May, according to the state’s Department of Revenue (DOR). Combined adult-use and medical sales dipped slightly, from $25.4 million in April to $24.9 million May, which in part was a factor of medical sales decreasing at a greater rate (8.9%) than adult-use sales increased (1.9%) for the month. Other factors may include the absence of a 4/20 sales boost in May, and the fact that April had five Fridays and five Saturdays, while May had four each. Since Montana became the 12th state to launch commercial adult-use cannabis sales on Jan. 1, 2022, retailers have recorded $76.5 million in adult-use sales and $46.7 million in medical sales—for more than $123 million combined. Much like other maturing markets, adult-use sales have continued to grab a larger market share during that time, representing about 58% of overall sales in January and nearly 67% of overall sales in May.  In Colorado, for example, which launched adult-use sales in January 2014, adult-use sales represented nearly 82% of the licensed retail market in 2021. In Oregon, which launched adult-use sales in October 2015, adult-use sales represented more than 91% of its licensed retail market in 2021. Through the first five months of 2022, Montana’s adult-use cannabis sales have generated $15.3 million in estimated state tax revenue, while medical sales have generated $1.9 million in estimated state tax revenue, according to DOR. In addition, municipalities have the option to levy a local excise tax on all cannabis and cannabis products sold at an adult-use or medical dispensary within a county. That local tax rate cannot exceed 3% and must be established by an election petition or resolution. Overall, 28 of Montana’s 56 counties…

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