Year-Over-Year Cannabis Sales Shrink for First Time in 5 States

Year-Over-Year Cannabis Sales Shrink for First Time in 5 States
Cannabtimes

<![CDATA[Five of the oldest cannabis markets in the U.S. are facing declining year-over-year sales figures for the first time since launching their respective commercial retail programs for adult use. After pandemic peaks equated to record growth across much of the industry in 2021, Colorado and Oregon dispensaries are now facing the brunt of 2022’s correction, while Nevada and Washington retailers also are on track to report double-digit downturns in terms of percent decreases to their sales totals this year. And California, which began adult-use retail more recently, on Jan. 1, 2018, also is amidst a shrinking regulated market (as far as sales go). With the exception of Alaska, which does not tax sales to end users and therefore does not keep records pertaining to those transactions, according to its Department of Revenue, those five states represent the most mature adult-use markets in the U.S. They also represent some of the oldest medical markets, too, with California pioneering that reform front in 1996. And age has something to do with the trends of 2022, according to Cooper Ashley, analytics manager, and Mitchell Laferla, data analyst, at cannabis data and research company Headset. “The biggest contributing factor to whether a market is growing this year is where it’s at in its market maturity,” the analysts said via email. “The separation is not actually geographical in nature, rather it’s about legacy markets (California, Nevada, Colorado, Oregon, Washington) versus new markets (Massachusetts, Michigan, Illinois).”Specifically for states that track adult-use sales separately from medical sales, Maine, which launched its adult-use retail program in October 2020, Michigan (December 2019) and Arizona (January 2021) experienced the largest percent increases for adult-use sales through the first three quarters of 2022 compared to the same time period in 2021, according to data collected by CBT. Editor’s note: CBT’s analytics…

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Source : Year-Over-Year Cannabis Sales Shrink for First Time in 5 States

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