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Missouri Cannabis Sales
Mar, 2024
Overview
Missouri's cannabis market is experiencing nuanced trends with a current market size that reflects a blend of growth and challenges. As of March 2024, the average item price in MO stands at $30.42, a slight decrease from the previous month, indicating a potential stabilization in pricing. Despite a month-over-month sales growth of 9.4%, the market faced a year-over-year sales decline of 1.7%. This suggests that while the market is capable of short-term expansion, it may be facing longer-term headwinds that could be affecting consumer spending or market saturation.
The total sales for March 2024 reached $124.08 million, with over 4 million units sold. This performance, while robust on a monthly basis, must be contextualized within the broader market dynamics, including consumer preferences and regulatory impacts. The slight uptick in unit sales growth by 3.4% year-over-year indicates a growing consumer base, yet the market must innovate to sustain and amplify this growth trajectory.
Mar, 2024
Sales
Year Over Year
Growth
Market Comparison
When comparing Missouri's market to other states, it's evident that MO's average item price is on the higher end, particularly when contrasted with states like Michigan (MI) at $11.92 and Washington (WA) at $12.82. This could be indicative of a market that is less price-sensitive or one that offers a different product mix skewed towards premium offerings.
In terms of growth, Missouri's year-over-year sales decline is in contrast to states like Maryland (MD) and Michigan (MI), which saw YoY sales growth of 140.2% and 14.0%, respectively. This points to varying market dynamics and possibly more aggressive expansion or consumer adoption in those states.
Missouri Weed Prices
Category Performance
One category that stands out for its divergent trend is Pre-Rolls, particularly the Connoisseur / Infused segment. This segment has seen an impressive year-over-year sales growth of 390.7% and a unit growth of 540.0%, suggesting a surge in consumer interest for premium and specialty products. The average item price in March 2024 for this segment was $19.83, which is slightly higher than the category average, reflecting the premium nature of these products.
The top brand in the Connoisseur / Infused Pre-Roll segment for March 2023 was Packwoods, with total sales of $236,395 and an average item price of $47.37. This was followed by TWAX and Lotus Premium Extracts, indicating a competitive market where brand recognition and product quality are likely key drivers of success.
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