A deep dive into the Arizona cannabis market
March 7, 2023
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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 monthly sales for the previously completed month (November 2022).
Year over year growth of sales (for example, November 2022 compared to November 2021).
The average price of a cannabis item in the most recently completed month (November 2022).
The average size (in sales $) of a retail basket in the most recently completed month.
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.
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.
In Canada, ‘Oils’ sell far better than ‘Tinctures.’ This is likely because they have been legal since the beginning of adult-use cannabis sales - whereas Tinctures were introduced later. The Tincture & Sublingual category is almost entirely dominated by ‘sublingual strip’ products that dissolve quickly under the tongue. Because of this nuance in the Canadian market, the Tincture & Sublingual category was the smallest grossing of all in October 2022, with sales measured in thousands, not millions, of dollars.
Among emerging markets in the US, Florida had the highest total cannabis Tincture and Sublingual sales in October, reaching $2.6M. The Sunshine State was followed by Massachusetts and Michigan with $1.5M and $0.6M in Tincture & Sublingual sales each.
In October 2022, California led other legacy US markets in Tincture and Sublingual sales with a total of $5.5M. This far out paced any other market, potentially due to the allowance of higher THC potency Tincture products in California than in most other markets. Oregon had the next highest total Tincture & Sublingual sales in October, with $1M in retail sales. Washington followed close behind with $0.8M.
The government of the Canadian province of Newfoundland and Labrador has reversed its late-2019 ban on sales of cannabis vape products. The ban followed a serious public health crisis linked to cannabis vapes, mostly in the U.S.
Rhode Island’s adult-use sales are expected to total $80 million within the first year and $300 million by the fourth year, according to MJBizDaily projections.
Nevada issued their first consumption lounge licenses at the end of November. The news comes more than a year after the state legislature passed a law paving the way for a new business model allowing state businesses to both sell cannabis and have visitors smoke on-site in the same fashion as bars. These are the first lounges to be licensed in Nevada and will likely be able to open in early 2023.
