Stirring The Pot In California: Historical Cannabis Sales $6B Lower Than Reported
Summary
California retail cannabis sales (and total U.S.) are, in the aggregate, ~$6 billion less than what many industry observers, analysts (including us) and news media have reported (2018-2022). Our analysis was triggered by an added level of transparency that commenced in Q1:23 when excise tax reporting shifted from distributor to retailer.
