Cannabis Concentrates: An analysis of category data & trends
June 15, 2022
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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 April 2022.
Year over year growth of sales (for example, January 2022 vs. January 2021).
The average price of a cannabis item in the most recently completed month.
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, Flower is the highest revenue category by a wide margin, although market share to the category is steadily declining (see our recent Flower industry report for more details). Ontario Flower sales hit $74 million in March 2022, more than the other three provincial markets combined.
Among emerging markets in the US, Michigan took the top spot for total Flower sales in March with nearly $89M in total retail sales. Flower sales in Arizona and Illinois trailed fairly close behind while Massachusetts logged only slightly more than half the total seen in Michigan.
When we take a look at Flower sales in legacy cannabis markets in the US, we can easily see how California completely dwarfs the competition. With $167.2M in total Flower sales in March 2022, California’s Flower market is larger than the entirety of many other US cannabis markets. After California, Colorado takes the next spot with $57M in Flower sales, followed by Washington, Oregon, and Nevada.
British Columbia’s government is considering allowing recreational cannabis consumption spaces and has launched a public consultation on the issue. However, provincial law would still prohibit indoor smoking and vaping, indicating that these businesses may need to focus on non-inhalable product formats such as Beverages and Edibles.
New Jersey shoppers spent $1.9M in the first day of sales, which averaged to $153 per customer. Sales were logged at 12 of the 13 licensed retailers, with more to open later.
There has been a robbery or attempted robbery in a dispensary in Washington nearly every day this year. At least three budtenders died in the month of March alone. This rapid escalation in violence adds increased pressure for cannabis businesses to gain access to federally safe banking.
