Cannabis Sales Remained Weak in February
- February cannabis sales across 15 states totaled $1.99 billion, marking a 2.7% increase year-over-year but a 3.6% sequential decrease; adjusted for fewer days, sales grew 6.7% on a per-day basis.
- Western markets covered include Arizona, California, Colorado, Nevada, and Oregon, with three states experiencing negative year-over-year growth and sequential declines.
- Eastern markets covered include Florida, Illinois, Maryland, Massachusetts, Michigan, Missouri, New Jersey, New York, Ohio, and Pennsylvania; growth ranged from -1.5% in Missouri to +27.3% in Ohio, which saw a boost from starting adult-use sales in August.
- Some eastern markets showed negative annual growth and per-day sequential declines, with concerns about Florida's slowing market due to competitive pressure despite strong dispensary and unit volume growth.
New Cannabis Ventures offers readers this easy-to-read exclusive summary of BDSA’s monthly cannabis sales data for 15 states.
Cannabis sales decreased 3.6% sequentially in February. Adjusted for the fewer number of days, sales rose sequentially by 6.7% on a per-day basis. In this review, we share the results by state, beginning with the western markets and then concluding with the eastern markets. In total, BDSA estimates that sales across the 15 markets totaled $1.99 billion during February, which was up 2.7% from a year ago.
BDSA provides coverage for Arizona, California, Colorado, Nevada and Oregon. In February, year-over-year growth was negative in 3 states. Growth fell sequentially in each of these states.
BDSA provides coverage for Florida, Illinois, Maryland, Massachusetts, Michigan, Missouri, New Jersey, New York, Ohio and Pennsylvania. In February, year-over-year growth ranged from –1.5% in Missouri to +27.3% in Ohio. Ohio began adult-use in August which has boosted the growth. Note that Florida and Pennsylvania are medical-only markets. Sequential growth on a per-day basis was down in two markets. The annual growth was negative in two markets and up sharply in only one state. We have been warning about Florida potentially slowing despite the strong growth in dispensaries and in unit volumes due to competitive pressure.
For readers interested in a deeper look at cannabis markets across these fifteen states and more, including segmentation by additional product categories, brand and item detail, longer history, and segmentation by product attributes, learn how BDSA Solutions can provide you with access to actionable data and analysis.