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Missouri Cannabis Sales
Jun, 2024
Overview
Missouri's cannabis market is currently experiencing a subtle yet notable shift in dynamics. As of June 2024, the average item price in Missouri stands at $28.95, reflecting a slight decrease from the previous month. This trend is consistent with a modest month-over-month sales decline of -2.2% and a unit sales decrease of -1.9%. Year-over-year figures show a nearly stable sales performance with a negligible decline of -0.2%, but a more positive growth in unit sales at 15.6%. This suggests a growing consumer base, albeit with a cautious spending pattern.
The state's total cannabis sales for June 2024 amounted to approximately $120.98 million, with over 4.17 million units sold. Despite the slight monthly sales dip, the market is supported by a diverse range of product categories, each responding differently to evolving consumer preferences and economic conditions.
Jun, 2024
Sales
Year Over Year
Growth
Market Comparison
When compared to other states like California and New York, Missouri's market dynamics are quite distinct. For instance, New York's cannabis market exploded with a year-over-year sales growth of 483.4% and a unit growth of 517.6%, largely due to recent market developments and regulatory changes. In contrast, mature markets like California saw a -8.5% decline in sales year-over-year.
Missouri's pricing remains on the higher end compared to states like Oregon and Washington, where average prices are $14.08 and $12.72 respectively. This could be influencing Missouri's slower growth rates as consumers in more mature markets benefit from lower prices due to greater supply and competition.
Category Performance
The Flower category in Missouri, with a total sales of approximately $54.02 million in June 2024, shows a nuanced landscape. The average price for Flower products was $35.28, a slight increase from the previous month. However, the category saw a -3.6% month-over-month sales decrease and a -5.5% drop in units sold, indicating a contraction in consumption despite the price rise. Year-over-year growth rates were slightly negative at -4.8% in sales and +7.4% in units, suggesting a complex interplay of price sensitivity and consumer loyalty.
Segment analysis within the Flower category reveals significant disparities: - CBD products have seen a remarkable year-over-year sales increase of 294.6%, with unit growth at 239.8%, indicating a surge in consumer interest for CBD-dominant strains. - Ground Flower and Shake and Trim segments also show strong year-over-year growth, suggesting a consumer preference shift towards more affordable, bulk purchase options. - Conversely, premium segments like Indica - Popcorn and Hybrid - Popcorn have experienced declines, possibly due to shifting consumer budgets.
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