Cannabis Beverages: Examining category performance & trends
November 18, 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 the previously completed month (September 2022).
Year over year growth of sales (for example, September 2022 vs. September 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 August 2022, the Edible category was the fourth largest category by total sales in the Canadian cannabis market with 5.8% market share. Ontario’s Edible sales totaled nearly $10M in July, while Saskatchewan had the smallest total at less than $1M.
Among emerging markets in the US, Michigan had the highest total Edible sales in August, reaching $26.4M followed by Illinois ($19.5M), and Massachusetts ($18.7M). Maryland was at the low end of the scale with less than $5M in Edible sales that month.
In August 2022, with more than $46M in Edible sales, California led other legacy US markets by a significant margin. Despite falling in a distant second in total Edible sales with $18.8M, Colorado had the highest Edible market share of any legacy market at 14.1% of sales. The next closest market in terms of Edible market share was Oregon at 11.4% of total sales.
Canopy Growth has ended its brick-and-mortar retail cannabis operations in Canada after selling 28 Tweed and Tokyo Smoke branded stores, and closing five more. The company plans to focus on achieving “profitability as a premium brand-focused cannabis and consumer packaged goods (CPG) company.”
Vermont launched its recreational cannabis program on October 1st, with long lines and high demand. According to the MJBIZ Factbook, the total annual market is expected to rise to at least $120M by 2026.
Governor Newsom recently signed a bill preventing California workers from being penalized for cannabis use in their personal lives. The law will go into effect January 1, 2024. Employers can still penalize employees for coming into work under the influence of cannabis.
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