Arizona Cannabis Sales
Feb, 2024
Overview
Arizona's cannabis market has experienced a dynamic landscape over the past two years. Sales data from March 2022 to February 2024 indicates a fluctuating pattern with a notable decline in total sales from $129.1 million to approximately $103 million, reflecting a year-over-year decrease of 7.7% as of February 2024. Despite this, the market has seen periods of month-over-month growth, such as a 13.8% increase in March 2023. Average item prices have also decreased from $23.44 in February 2023 to $19.99 in February 2024, suggesting a market adjustment to consumer price sensitivity or increased competition among brands.
The market's resilience is evident in the unit sales growth, which has increased by 8.1% year-over-year as of February 2024. This indicates that while consumers are spending less per item, the volume of products sold has grown, potentially pointing to a maturing market where consumers are diversifying their purchases or seeking more budget-friendly options.
Feb, 2024
Sales
Year Over Year
Growth
Market Comparison
When comparing Arizona to other states, it's clear that market dynamics vary significantly. For instance, Maryland's market has seen a staggering year-over-year sales growth of 127.8% and unit growth of 104.5% as of February 2024. In contrast, Colorado has experienced a significant decline in sales by 15.7% and a slight decrease in unit sales by 1.9%.
Arizona's average item price of $19.99 in February 2024 is lower than that of Illinois at $32.90 and higher than Michigan's $12.08, indicating a mid-range pricing strategy within the USA market. The state's month-over-month sales growth is relatively stable, with a slight decrease of 0.4%, suggesting a market that is maintaining its consumer base despite external pressures.
Category Performance
The Edibles category in Arizona, particularly the Gummies segment, showcases a divergent trend compared to the overall market. While the category has seen a slight year-over-year sales growth of 1.0% and a unit growth of 16.1% as of February 2024, the average item price has decreased from $13.58 to $11.82. This resilience in the face of a market downturn is worth noting, as it may indicate a strong consumer preference or increased accessibility for these products.
Top brands in the Gummies segment have capitalized on this trend, with Wyld leading the pack with over $2.3 million in sales and 154,713 units sold at an average price of $15.06. OGEEZ and Baked Bros follow, with sales of $1.17 million and $925,919 respectively. The diversity of brands succeeding in this segment suggests a competitive market with room for growth and innovation.