February 2024 Cannabis Market Overview

Published on 
March 8, 2024
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In this latest Cannabis Market Overview post, we'll take a closer look at the February 2024 cannabis market performance across a diverse set of states, spanning from west coast legacy markets to emerging Midwest and newer east coast markets. By analyzing year-over-year (YoY) growth trends in these cherry-picked locations, we aim to provide valuable insights for cannabis operators navigating this dynamic industry. It's important to note that 2024 was a leap year, so the extra selling day in February may have contributed approximately 3.5% to the overall growth compared to February 2023.

STIIIZY dominates the charts for units sold in February 2024. Wyld has two places on the board, and is well outselling their home state of Oregon in markets like California and Colorado. Jeeter also makes 2x appearances, having great sales in both California as well as Arizona.

Top 10 Brands Across Markets by $ Sales (Units shown)
West Coast Legacy Markets

Adapting to Changing Dynamics

Legacy markets on the west coast, such as Colorado, Arizona, and others have been at the forefront of the cannabis industry for years. However, the February 2024 data reveals varying performance across these states. While some markets like Oregon and California showed positive YoY growth in certain categories, others like Colorado and Nevada experienced negative sales growth, particularly in Flower and Concentrates. Cannabis operators in these mature markets must adapt to changing consumer preferences, competitive landscapes, and regulatory shifts to maintain their market position.

Emerging Midwest Markets

Seizing Growth Opportunities

Midwest states have emerged as promising markets in the cannabis industry. The February 2024 data highlights significant YoY growth in these states across various product categories. Michigan and Illinois, in particular, witnessed broad-based growth in both sales and units sold. As cannabis operators expand into these markets, it's crucial to understand local consumer demographics, preferences, and regulatory frameworks to capitalize on the growth opportunities.

Newer East Coast Markets

Maryland's Explosive Growth

The east coast, particularly Maryland, has seen tremendous growth in the adult-use cannabis market since its launch in July 2023. In February 2024, Maryland recorded triple-digit YoY increases across all product categories, with sales growth ranging from 107% to 249% and units sold increasing by 127% to 262%. This explosive growth presents a wealth of opportunities for cannabis operators entering the Maryland market. However, navigating the state's unique regulatory landscape, including the 9% sales tax and community reinvestment obligations, is essential for success.

Product Category Performance

Trends and Opportunities

Across the selected markets, Vapor Pens and Pre-Rolls consistently demonstrated positive YoY growth in both sales and units sold in February 2024. This trend underscores the ongoing popularity of these convenient and discreet consumption methods. Cannabis brands should prioritize these categories in their product portfolios to meet the growing demand.

Flower, a significant contributor to overall sales, exhibited varied growth patterns across the analyzed states. While some markets like Michigan, Illinois, and Massachusetts experienced YoY growth, others such as Colorado, Nevada, and Arizona saw declines. Cannabis operators must closely monitor local market dynamics, consumer preferences, and competition to optimize their Flower offerings and make data-driven strategic decisions.

Beverages and Concentrates, in most of the selected states, showed lower or negative YoY growth rates compared to other categories in February 2024. This presents an opportunity for cannabis brands to innovate, differentiate themselves, and educate consumers about these products.

Vapor Pens and Pre-Rolls are having a moment in most markets.
Navigating a Dynamic Landscape from Coast to Coast

The February 2024 cannabis market data from the selected states showcases the industry's ongoing evolution and growth across different regions. From west coast legacy markets adapting to changing dynamics to emerging midwest markets and newer east coast markets like Maryland experiencing explosive growth, cannabis operators must stay informed and agile to thrive in this dynamic landscape.

By leveraging data-driven insights, understanding local market nuances, and adapting product portfolios to meet consumer preferences, cannabis operators can seize growth opportunities and navigate the challenges posed by the evolving industry. As we progress through 2024, a customer-centric approach, innovation, and the ability to adapt to regional trends will be key to success in this exciting and rapidly growing market.

Track cannabis sales and market performance

Key metrics defined

These six key metrics from the previous month will provide you with a pulse check on legal cannabis markets. Below, you'll find data on year over year growth, basket size, and more.

Total Sales

Total monthly sales for the previously completed month.

YoY Sales Growth.

Year over year growth of sales (For example, November 2022 compared to November 2021).

Avg Item Price

The average price of a cannabis item in the most recently completed month.

Avg Basket Size

The average size (in sales $) of a retail basket in the most recently completed month.

Median Store SKU Counts

The number of distinct SKUs sold in the median store in the most recently completed month. Median was used instead of an average to remove the effects of outlier stores.


Median store Like-Store-Sales-Growth MoM - The month over month growth in sales for the median sample store (for example, January 2022 vs. December 2021). “Like stores” are filtered to exclude any newly opened stores or recently disconnected stores.

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