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Mid-year sales of marijuana in U.S. states were mixed

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U.S. cannabis sales through July were mixed nationally as consumers adjust to historic inflation and lower disposable income, according to an analysis of state sales data by MJBizDaily. Newer recreational and medical markets posted the double-digit growth expected in emerging cannabis markets. Markets experiencing growth in the first seven months of the year include: Missouri (medical): 174 percent, Maine (recreational): 159 percent, Utah (medical): 87 percent. , Arizona (recreational sales through May): 64 percent, Iowa (medical): 63 percent, Michigan (recreational): 57 percent, and Illinois (recreational): 20 percent. In contrast, the more mature adult use markets in California, Colorado and Oregon shrank, with some of them down 20% or more compared to the first six months of 2021. Medical markets with declining first-year sales compared to the same period last year include Colorado: -42.8%, Michigan: -41.3%, Oregon: -37.7%, Arizona: -16.5%, Massachusetts: -10.3%, and Illinois -10.4%. Accelerating inflation has eroded the disposable income of cannabis buyers, forcing shoppers to pick and choose among products based on price. Wholesale and retail cannabis prices continue to fall in most states, with production often outpacing consumption. Despite enviable sales growth in the first half of the year, Michigan's wholesale recreational marijuana prices have fallen to $1,000 per pound or less after many cultivation businesses came online. Economic pressures - and disputes over supply and demand - could lead to an overall decline in sales.

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