Hartford, CT--In a preference for cannabis flower over edibles or vapor products, Connecticut's citizens shelled out close to $24 million on various cannabis products in June, per a press release from the Department of Consumer Protection.
[Image via hqnn.org]
Key Takeaways
- Market Growth: Cannabis spending in Connecticut reached $24 million in June 2023.
- Product Preference: Cannabis flower was the top choice, making up 53% of total sales.
- Sales Dynamics: Commercial cannabis sales outpaced medical marijuana for the first time.
- Buying Trends: Commercial buyers outperformed medical users, with higher product purchases and prices.
- Purchase Restrictions: Commercial consumers face transactional limits, while medical users do not.
Six Months Into Legal Cannabis Trade
This figure marks the culmination of half a year of sales data following the inception of the state's commercial cannabis industry. Per the news release, the total revenue from retail sales of cannabis for adult use came to $12.5 million, surpassing the amount spent on medical marijuana ($11.3 million) for two months in a row.
In the initial half-year of the commercial program, the most popular product among consumers was the usable cannabis or flower. Fresh statistics from the DCP suggest that 53% of total sales were attributed to flower products, with vape cartridges accounting for 25% and edible products forming approximately 10% of all purchases.
The combined sales for adult-use and medical cannabis reached a record high of nearly $24 million in June, bringing the total amount of cannabis purchases to approximately $122 million since January. The state had garnered less than $5 million in tax revenue from sales of cannabis by the end of May, far lower than what was initially projected by state leaders and lobbyists.
Commercial Cannabis Outperforms Medical Marijuana for the First Time
The news release noted that June saw a noteworthy shift in buying patterns as commercial cannabis products outsold medical marijuana for the first time. Customers procured 313,510 commercial cannabis items with an average price of $40. This was in contrast to the 303,293 products purchased by medical marijuana patients, with an average price tag of $37.43.
The Department of Consumer Protection has imposed a purchase limit of ¼ ounce per transaction on commercial consumers. Conversely, no such transactional cap exists for medical patients who can buy up to 5 ounces monthly.
The adult-use cannabis market in Connecticut is attracting multi-state operators who are moving in to obtain hybrid licenses at a steady pace, including Acreage Holdings, Green Thumb Industries, and Verano Holdings, with more on the way. The licensing and review process is underway, and the next lottery application period will be announced soon.
“We’re excited to see consistent month-over-month growth in cannabis sales in Connecticut and anticipate seeing an increase in sales as additional social equity joint venture dispensaries open across the state,” said Verano Executive Vice President James Leventis, as per a Forbes report.
Medical marijuana patients can grow up to 3 mature and 3 immature plants at home starting October 1, 2021, with a cap of 12 total plants per household. All adults can grow under the same rules starting July 1, 2023. The state also has specific advertising guidelines for businesses that intend to participate in the retail sale of cannabis.