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.
After the rollercoaster that cannabis sales were on during the last four months, things settled dow in March and they remained flat.
Sales significantly dropped in January after a sharp month-over-month bounce in December, only to get back onto a growth trajectory in February.
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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.
According to BDSA, in west-coast markets during March, year-over-year growth ranged from -28.8% in Nevada to 50.3% in 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 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.
- 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%.
- 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%.
- Sales in February grew 10.2% from February to $88.5 million, decreasing 19.1% year-over-year.
- Flower sales declined 32% year-over-year.
- Ingestibles fell 13%, while pre-rolls remained flat. Concentrates dropped 7% year-over-year.
East-Coast And Mid-West Markets
Year-over-year growth ranged from -6.4% in Maryland to 19.9% in Florida, which is a medical-only market, the same as Maryland and Pennsylvania.
- Sales rose 10.3% from February to $177.2 million, up 19.9% year-over-year.
- Flower sales grew 4%, as pre-rolls declined 16%. Concentrates increased by 34%. Ingestibles, a relatively new category for the state, improved by 73%.
- Sales totaled $162.7 million, up 14.4% quarter-over-quaret and up 12.3% year-over-year.
- Flower sales increased 12%. Pre-rolls expanded 32%, while concentrates grew 12%. Ingestibles gained 6%.
- Sales increased by 9.6% from February to $44.9 million, dropping 6.4% year-over-year.
- Flower sales decreased 5%, while pre-rolls fell 6%. Ingestibles declined 0.3% and concentrates slipped 10%.
- Sales increased 1.6% from February and 14.6% compared to a year ago to $141.9 million.
- Flower sales expanded 11%, pre-rolls gained 25%, ingestibles increased 17% and concentrates rose 12%.
- BDSA estimated sales amounted to $153.7 million, down 0.4% quarter-over-quarter and up 3.5% from a year ago, a slowdown from the 44.4% reported in February.
- Flower sales grew 5%, while concentrates expanded 12%. Pre-rolls increased 1%, and ingestibles declined 10%.
- Sales increased 13.1% in March to $104 million and decreased 2.8% year-over-year.
- Growth was depressed by the recent vape recall, as that category fell 8%. Flower sales expanded 3.1%, while ingestibles gained 2.5%.
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.
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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.
This article originally appeared on Benzinga and has been reposted with permission.