March Madness: This state led the way in its first month of legal sales

Of Jelena Martinovic

After the roller coaster ride of cannabis sales over the past four months, things settled down and stayed flat in March.

Sales fell sharply in January after a strong month-on-month increase in December, only to return to a growth path in February.

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In addition to the continued pressure from declining flower sales, total cannabis sales fell year-over-year in 6 markets. Total revenue across the 11 markets for the month was $1.49 billion.

western markets

Annual growth in West Coast markets in March ranged from -28.8% in Nevada to 50.3% in Arizona, according to BDSA.

Arizona

• Combined revenue was $111.7 million, up 50.3% year-over-year and up 9.5% from February.
• Medical revenue was $45.7 million, down 39% year over year and up 5% sequentially.
• Revenue of $66.1 million for adult use was up 13% from February.

California

• Revenue in California rose 9.5% sequentially to $282.8 million and declined 18.9% year over year.
• Flower sales continued to depress overall sales, down 28% with pre-rolls up 2%.
• Food fell 14% in March, while concentrates fell 17% year-on-year.

Colorado

• Sales in March rose 7.5% month-on-month and declined 19.1% year-on-year to $167.4 million.
• Flower, which fell 24%, led to a decline in overall sales, with pre-rolls down 8%, supplements down 17% and concentrates down 16%.

Nevada

• Revenue rose 0.2% compared to February and fell 28.8% year over year to $59.9 million.
• Flower sales are again the main reason for the drop, with March sales down 37% year-on-year.
• Concentrates were down 16%, while edibles were down 28% and pre-rolls were down 17%.

Oregon

• Revenue rose 10.2% in February to $88.5 million in February, down 19.1% year over year.
• Flower sales fell 32% year over year.
• Edible products fell 13% while pre-rolls were flat. Concentrates fell 7% year over year.

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East Coast and Midwest markets

Year-over-year growth ranged from -6.4% in Maryland to 19.9% ​​in Florida, a purely medical market, like Maryland and Pennsylvania.

Florida

• Revenue rose 10.3% from February to $177.2 million, up 19.9% ​​year over year.
• Flower sales were up 4% while pre-rolls were down 16%. Concentrates were up 34%. Dietary supplements, a relatively new category for the state, improved 73%.

Illinois

• Revenue was $162.7 million, up 14.4% sequentially and up 12.3% year-on-year.
• Flower sales increased by 12%. Pre-rolls were up 32% while concentrates were up 12%. Dietary supplements increased by 6%.

Maryland

• Revenue rose 9.6% from February to $44.9 million and declined 6.4% year over year.
• Flower sales were down 5% while pre-rolls were down 6%. Dietary supplements were down 0.3% and concentrates down 10%.

Massachusetts

• Revenue rose 1.6% from February and 14.6% year over year to $141.9 million.
• Flower sales were up 11%, pre-rolls were up 25%, edibles were up 17% and concentrates were up 12%.

Michigan

• Revenue estimated by BDSA was $153.7 million, down 0.4% sequentially and up 3.5% year-on-year, a slowdown from the 44.4 reported in February %.
• Flower sales were up 5% while concentrates were up 12%. Pre-rolls were up 1% while edibles were down 10%.

Pennsylvania

• Revenue rose 13.1% to $104 million in March and declined 2.8% year over year.
• Growth was dampened by the recent e-cigarette recall as the category fell 8%. Sales of flowers rose 3.1%, while edible products rose 2.5%.

New Mexicans bought $22.1 million 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 into law. A year later, the Land of Enchantment started selling recreational marijuana. In the first weekend of sales, New Mexicans bought $3.5 million worth of cannabis.

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Now, a month later, the state’s cannabis sales hit $22.1 million in April, according to new data released by the Cannabis Control Division (CCD).

Albuquerque hit a record $8 million in recreational cannabis sales during that period, KRQE News reported. Las Cruces came in second, selling $2.06 million. Santa Fe sold over $1.8 million worth of recreational cannabis last month.

“In the first year alone, the new industry should generate sales of 300 million US dollars, create 11,000 jobs and bring in 50 million US dollars in state revenue,” according to the CCD.

This article originally appeared on Benzinga and has been republished with permission.