Yearly Cannabis Sales in Washington State Decline by $120 Million

Yearly Cannabis Sales in Washington State Decline by 0 Million
High Times

Cannabis sales in the state of Washington declined by about $120 million over the past year, according to a recent market analysis report, marking the first time regulated sales of pot have dropped in a decade. Retail sales of marijuana fell by more than 8% from July 2021 through June 2022, according to a report on the cannabis markets in Washington, California, Colorado and Oregon from cannabis data analysis firm Headset. The drop in retail cannabis sales in Washington followed two years of strong growth, largely fueled by the boost in sales associated with the COVID-19 pandemic and the resulting shutdowns of many businesses deemed nonessential. Like many other states with legal cannabis, regulators in Washington state designated marijuana retailers as essential businesses, allowing them to remain open for business during lockdowns.  “From March 2020 to March 2021, legacy cannabis markets saw drastic increases in growth,” Headset wrote. “In the beginning months of the pandemic for example, Colorado’s total adult-use sales grew by 63% from February to July 2020.”  During the same period, average monthly sales in Colorado grew by 25.8% compared to the year before, while in Oregon monthly sales grew by 36.6%. Brian Smith, a spokesperson for the Washington State Liquor and Cannabis Board, said that last year’s drop in sales is the result of post-pandemic economic conditions. “What you’re seeing as a ‘dip’ is really sales returning to normal growth as more people returned to in-person work,” Smith said in a statement quoted by The Seattle Times. The data showed a decrease in the frequency of visits consumers made to cannabis retailers and the amount of money they spent each time. Headset’s analysis showed that the average transaction recorded at licensed cannabis retailers in Washington dropped by almost three dollars, from $34.14 in July of last year…

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