October 2023 Cannabis Market Overview

Published on 
October 24, 2023
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This months cannabis sales data report from Headset highlights total sales, per capita spend, category trends and we highlight some strong month-over-month brand growth that we’re seeing.

Cannabis Market Trends

Most legacy marijuana markets have contracted in total sales when looking at year-over-year sales data, but some like Michigan continue to grow. Maryland and Missouri are new cannabis markets, and within a few months are each outperforming. Several states like Colorado, Nevada, and California witnessed a similar YoY decline of around 11-12%.

Per capita spend on cannabis, or the amount that each resident of the state spends on cannabis by market. Florida is an outlier as it is a medical only state, vs. all others on this analysis that are adult-use artificially constraining the per capita spend given you must be a medical patient to purchase and consumer cannabis. Michigan is dominating on the per capita spend

Inhalables are represented by Flower, Pre-Roll, Vapor Pen and Concentrates categories whereas Non-Inhalables are a grouping of Edibles, Beverages, Tinctures, Topicals and Capsules. Unsurprisingly,  the"Inhalable" category overwhelmingly dominates the market share in all listed states although worth noting that Arizona (AZ) and Michigan (MI) are leading with approximately 88.4% and 88.3% respectively. In contrast, for the "Non-Inhalable" category, Colorado (CO) has the highest market share at roughly 21.8%. While most states have a more significant disparity between Inhalable and Non-Inhalable products, Colorado has a narrower gap, suggesting a relatively higher preference for Non-Inhalable products in that state.

Brand Spotlight

Every month, we like to highlight several brands that have shown significant sales growth from August to September 2023. For instance, in Michigan, Society C experienced a substantial dollar growth of $935,938, ramping up their sales to $3,811,221 in September from $2,875,283 in August, which translates to an impressive 32% growth month-over-month. On the other hand, High Supply saw the highest dollar growth in sales among the listed, with an increase of $1,412,160, reaching $3,894,303 in September sales. In Arizona, Shango stood out with a staggering 7768% growth rate, the highest percentage growth among the brands, elevating their sales to $3,146,824 from $1,771,105. These figures underline the dynamic growth potential within the cannabis sector across different states.

Oakfruitland (California):

  1. A family-owned cultivation company established in 2019.
  2. Known for producing premium cannabis strains and high-quality smoking accessories.
  3. Notable for its exclusive strains like V-Power, a potent indica hybrid

High Supply (Michigan):

  1. Offers a variety of cannabis products in bulk, making it a value brand for consumers.
  2. Products include a range from flower to concentrates and vapes.
  3. Launched by Cresco Labs to offer quality cannabis products to consumers seeking cost-effective options

Amaze Cannabis (Missouri):

  1. Dedicated to producing premium cannabis genetics grown in living soil.
  2. Has a philosophical approach toward cannabis, viewing it as a sacred ally.
  3. Has received recognition in Missouri's Growers Cup, indicating a level of industry respect and competitiveness

Proper Cannabis (Missouri):

  1. A vertically integrated brand offering a range of cannabis products from flower to edibles and vapes.
  2. Focused on providing personalized cannabis experiences with a high standard of quality.

Elevate (Elevate Missouri) (Missouri):

  1. Focuses on delivering high-quality cannabis products without compromising sustainability or affordability.
  2. Known for its passionate approach towards plants, people, and the community.
  3. Strives to provide a superior range of strains with distinct characteristics

Revolution Cannabis (Illinois):

  1. A craft cannabis company with a mission to advance wellness, improve lives, and open minds.
  2. Known as the largest cannabis cultivator in Illinois, with significant operations and community-driven initiatives.
  3. Has a rich history of awards and recognitions, including 20 Cannabis Cup awards

Shango (Arizona):

  1. Offers quality cannabis products at affordable prices in Arizona.
  2. Represents a mission to set high standards of excellence for the cannabis industry.
  3. Known for unique cultivars like Frosted Donuts which became a best-selling package in Arizona

The Big Takeaways

  1. Evolving Cannabis Market Dynamics: While legacy cannabis markets in several states are contracting year-over-year, newer markets like Maryland and Missouri are rapidly gaining traction, showcasing the dynamic nature of the industry.
  2. Michigan's Growth: Michigan stands out with its continued growth in a landscape where many established markets are declining, indicating potential market strategies or conditions favorable to cannabis sales.
  3. Product Preference Trends: Inhalable cannabis products, particularly flowers and vapes, are the dominant choice across states. However, Colorado's significant preference for non-inhalable products signals varied consumer behaviors and opportunities in product diversification.
  4. Impressive Brand Performances: The exceptional month-over-month growth of brands, especially Society C's 32% increase in Michigan and Shango's monumental 7768% rise in Arizona, underscores the vast growth potential and competitive nature of the cannabis sector.
  5. Quality Over Quantity: The success of premium products, such as Society C's Gastro Pop, emphasizes that consumers are willing to pay a premium for perceived quality, suggesting a trend towards prioritizing product excellence over cost savings.

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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