Nutmeggers & Missourians Are Buying Weed…A Lot! Sales Hitting Records, Projections Even Better

Connecticut Adult-Use Cannabis Sales Hit Record In March, What About Prices?

March marijuana sales in Connecticut have hit a new record as per recently released data from the Department of Consumer Protection.

The legal adult-use cannabis market officially rolled out in January 2023 and in February retailers sold $7.02 worth of marijuana. This March, recreational sales topped that figure, reaching $9.6 million.

For the same month, medical marijuana sales garnered $12.6 million, making total weed sales $22 million. This compares to $18.4 million in combined sales in February.

According to data, medical marijuana patients last month bought around 339,000 products, while adult-use consumers purchased around 235,000 products. The average price per medical marijuana product was about $37.06, without taxes and about $40.69 per recreational cannabis product, writes New Times. Tax revenue collected since the launch of recreational sales is not yet available.

The average price of adult-use weed is falling over time, while the average price of medical products is remaining more or less constant. 

Ben Zachs, chief operating officer of Fine Fettle, which runs several dispensaries in Connecticut noted that the wholesale cannabis price has decreased since the launch of the adult-use market.

“Wholesale pricing has gone down recently, what we purchase from our suppliers,” he said. “When adult use started, our wholesale prices went up. Seeing how the market has turned prices have gone down.”

According to Zachs, the state is reporting a higher average price of medical marijuana just because the higher-priced products have reached the state. 

“Concentrates have become available again. In January and February, there were little to no concentrates available. Those have become available again to the medical patient,” he said. “I think that it's been a change in the menu expanding again. We've also gotten back a few bigger items. For medical patients, half ounces have come back which are more weight and volume.”

Missouri Sells $126.2M Worth Of Weed Last Month, Expected To Surpass $1B Before Year End

Adult-use sales in Missouri reached $93.5 million in March, compared to $71.7 million in February. Medical and recreational marijuana sales combined brought in $126.2 million last month, surpassing February’s record sales by more than $23 million, reported Greenway Magazine.

Broke by the sector, medical marijuana sales hit $32.7 million in March and are projected to surpass $300 million in 2023.

Adult-use cannabis sales launched in February. During just the first three days, weed shops sold some $12.7 million in cannabis products, out of which $4.2 million was medical marijuana and the remaining $8.5 million went to recreational sales.

John Mueller, a Missouri native and CEO of Greenlight, one of the largest operators in the state, told Benzinga in November that he believes Missouri will become an $800 million to $1 billion marketplace. Now, others agree, the state is on the right path to hitting $1 billion in combined sales before the end of 2023. 

Photo: Courtesy of Ndispensable via Unsplash