Lost recreational marijuana sales in Massachusetts stemming from forced store closures already could amount to $40 million among the state’s cannabis retailers, underscoring business owners’ need to be strategic about their operations during the COVID-19 pandemic.
Michigan sold more than $31 million in adult-use cannabis during its first three months of sales, though the state is still working out the kinks in this developing market.
Adult-use marijuana sales plunged over the weekend, only a few days after skyrocketing to new heights as consumers prepared for fallout from the coronavirus.
As most recreational cannabis markets mature, a small number of brands are gobbling up the majority of sales.
While New York’s medical cannabis patient registry increased by more than 23,000 in 2019, growth has slowed significantly because of various market factors leading to a low consumer participation rate.
As cannabis acceptance becomes widespread, consumer demographics have shifted to include more women, impacting methods used by businesses to reach their target audience.
Medical cannabis patients in Florida have embraced the addition of smokable products to their purchasing options, with more than 22,000 pounds of the product sold in less than six months.
Michigan’s strategy for adult-use cannabis businesses empowers localities to control their communities, but it creates disparate business opportunities within the state’s market.
‘Tis the season for increased holiday spending – and that includes outlays on recreational cannabis products, which saw average category sales increases of more than 50% in 2018 on items designated for both gift-giving and personal consumption.
Arkansas posted impressive medical marijuana sales during the first six months of operation, surpassing $21 million, despite the state’s difficulties in getting dispensaries online.
As shoppers head out to prepare for Thanksgiving and participate in Black Friday sales, data from two firms show consumers may be upping their purchases of marijuana products as well.
Cannabis industry capital investment hit $10.4 billion through week 40 – a 40% increase over 2018 – but the previously hot investment activity has cooled in recent months.
