USA July Cannabis Sales Slow July Cannabis Sales Slow
September 6, 2023 at 8:22 am
Exclusive article by Alan Brochstein, CFA
Cannabis sales increased 0.8% sequentially in July after increasing 0.3% in June, according to cannabis data analytics firm BDSA. Looking at a per-day basis, sales decreased 2.4% sequentially. In this review, we share the results by state, beginning with the eastern markets and then concluding with the western markets. In total, BDSA estimates that sales across the 11 markets totaled $1.73 billion during the month.
Eastern Markets
BDSA provides coverage for Florida, Illinois, Maryland, Massachusetts, Michigan and Pennsylvania. In July, year-over-year growth ranged from -0.5% in Massachusetts to +31.8% in Michigan. We are excluding the decline in the Maryland medical market, as it would show growth if adult-use were included. Note that Florida, Maryland and Pennsylvania are medical-only markets, though Maryland introduced adult-use in July, which is not yet included in the BDSA data. Sequential growth was negative in three markets, and only Michigan grew on a per-day basis. Annual growth was meager except in two states, but the growth in Florida was the slowest yet recorded. 
Western Markets BDSA provides coverage for Arizona, California, Colorado, Nevada and Oregon. In July, year-over-year growth was negative in 4 of the 5 states, with the annual growth rates ranging from -14.8% in Colorado to 3.1% in Nevada. Three states grew sequentially, with the increase in the number of days helping. Only Nevada grew on a per-day basis from June. California fell sharply from a year ago, but the decline was less than the 16.6% decline in June.