Connecticut cannabis sales rebound from spring slump, hit new record high
- Connecticut's recreational cannabis market continued to grow in August, reaching $17.9 million in sales while medical marijuana sales declined to $7.6 million.
- The total cannabis sales for the month amounted to $25.6 million, setting a new record.
- A total of 687,384 individual cannabis products were sold in August, with flower prices remaining relatively stable compared to earlier in the year.
- Industry experts speculate that the increase in sales could be attributed to factors such as the five weekends in August and the opening of seven new dispensaries, questioning the sustainability of this growth.
Connecticut’s recreational cannabis market continued to heat up through the end of the summer, while medical marijuana sales continued to falter, even as the state’s market overall has seen a significant rebound from late last year.
Recreational sales hit $17.9 million last month, while medical sales slipped to $7.6 million, for a grand total of $25.6 million, according to statistics from the state Department of Health and Human Services.
The tally is yet another new monthly sales record, up from $24.6 million in July and $23.9 million in June.
The total number of products sold also hit a new high of 466,776 on the adult-use side and 220,608 medical products, for a total of 687,384 individual cannabis goods sold in August.
Cannabis flower prices have mostly held steady since the adult-use market launched in January 2023, according to state figures. In August, the average price of a gram of marijuana was $11.61, down from the $12.32 where it started when the recreational market launched but up from a low of $9.68 in September last year.
Ben Zachs, the owner of Connecticut marijuana shop Fine Fettle, told CT Insider that August was an “excellent” month for the industry, but added there were some qualifiers, including that August had five weekends and that seven new dispensaries had opened in recent weeks.
Both of those, Zachs said, likely contributed to the higher sales totals.
“I do wonder if this is sustainable versus if this was just based on the fundamentals of the calendar,” Zachs speculated to CT Insider. “Are we increasing the market, or was this just fundamental driven?”