Medical Marijuana Sales in Arkansas, Wholesale Prices In Michigan, Connecticut's Market Soars & More

As the cannabis industry continues to evolve and face various challenges, the dynamics of sales and pricing remain crucial indicators of market trends and overall consumer demand. Here are some highlights of what's happening in various places across the U.S.

Medical Marijuana Sales in Arkansas Hit Record Highs Despite Lower Tax Receipts

Arkansas has seen a remarkable surge in medical marijuana sales during the first half of 2023, with consumers spending $141 million on medical cannabis products. However, officials have noted that tax receipts have been lower compared to the previous year, citing reasons such as audits and delayed payments, per the Texarkana Gazette.

See Also: Arkansas Judge Invalidates Proposed Changes To Medical Marijuana Amendment, Legal Battle Continues

Stabilization and Incremental Increase in Wholesale Marijuana Prices Provide Hope for Michigan Producers

In a positive turn of events for Michigan's cannabis industry, wholesale marijuana flower prices have shown signs of stabilization and even a slight increase. Industry experts attribute this positive trend to several factors, including the absorption of excess outdoor cannabis from the previous season, the growing number of municipalities permitting retail sales and intensified efforts to combat illicit activities within the licensed market.

According to MJBiz Daily, while the stabilization and upward movement in wholesale prices in Michigan are encouraging, the presence of significant outdoor production and the absence of a statewide cap on cannabis business licenses may exert downward pressure on prices in the future. This uncertainty raises questions about the long-term stability of wholesale prices in the state. Nevertheless, Michigan's cannabis industry is projected to rank second in annual recreational and medical cannabis sales, trailing only California.

Connecticut's Adult-Use Marijuana Market Hits New Heights with Record Sales

Connecticut's adult-use marijuana market has achieved a significant milestone, recording a record-breaking monthly high of nearly $24 million in combined medical and recreational cannabis sales in June. This achievement follows the launch of adult-use sales earlier this year. Since January, total cannabis purchases in the state have reached approximately $122 million, according to the Department of Consumer Protection (DCP). Notably, June marked the second consecutive month where adult-use sales surpassed medical marijuana purchases. Consumer preferences in Connecticut lean toward cannabis flowers, vape products, and edibles, as reported by Marijuana Moment

See Also: Get Ready To Grow Cannabis At Home On July 1, Connecticut Regulators Release Guidelines

Cannabis Sales in the United States

According to cannabis data analytics firm BDSA, cannabis sales in the United States experienced a 0.5% sequential decrease in May, following a 3.6% decrease in April. The per-day sales also dropped by 3.7% during this period. Despite the decline, sales across the 11 markets analyzed by BDSA totaled $1.71 billion for the month of May, wrote New Cannabis Ventures’s Alan Brochstein, CFA.

With differing patterns across states, these recent developments in Arkansas, Michigan, Connecticut, and the United States as a whole shed light on the complex and ever-changing landscape of the cannabis market.

All of this and more will be discussed at the Benzinga Cannabis Capital Conference in Chicago this Sept 27-28. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding. 

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Photo: Courtesy Of Nicholas Cappello On Unsplash