Massachusetts Cannabis Sales Decline Slightly In June, Despite Annual Quarterly Growth

Data released by the Massachusetts Cannabis Control Commission (CCC) showed that legal cannabis sales dipped slightly in June, marking a 2% month-over-month decrease from $155 million in May to $152 million. Despite this slight contraction, the daily sales figures actually increased by 2%, adjusting for fewer shopping days in June compared to May.

Massachusetts Cannabis Sales And Price Trends

This nuanced performance continues a trend of steady growth on a quarterly basis, with Q2 2024 reporting $457 million in sales, a 4% increase from $441 million in the previous quarter. Annually, this represents a modest 2% growth from $447 million in Q2 2023.

The CCC's data show price dynamics within the market have also shifted, with the average price per gram of cannabis reaching a record low of $5.06 in June, the lowest since such records began in January 2020. This price reduction comes amid an expanding retail landscape, with the number of operating dispensaries rising to 368 by the end of June.

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Revenue Per Dispensary Declines

However, increased competition and market saturation have led to a noticeable decrease in revenue per dispensary. A Beacon Securities report notes the average annual revenue per dispensary has fallen by 15% year-over-year, from $5.3 million in June 2023 to approximately $4.5 million.

Pre-Rolls Surge Amid Diverse Trends In Product Sales

In terms of product category performance, June sales showcasted varied results. Notably, pre-rolls surged by 9.5% year-over-year, reaching sales of $27.44 million, boosted by a 41.6% increase in unit sales, according to Headset data. Conversely, edibles and topicals saw declines of 14% and 21.4%, respectively, while flower and beverages grew modestly by 2.7% and 3.3%.

Major Players Sustain Strong Ratings Amid A Stable Market

Moreover, Massachusetts continues to be a robust market for cannabis, attracting major players like Ayr Wellness AYRWF, The Cannabist Company CBSTF, Curaleaf CURLF, Cresco Labs CRLBF and Green Thumb Industries GTBIF. These companies have maintained strong buy ratings in the state, despite the fluctuating market conditions.

The CCC data agrees with the Beacon Securities report that, while the market faces pressure from price declines and increased outlets, the overall health of the cannabis industry remains strong, driven by the consistent consumer demand and retailers’ strategic adaptations.

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