The number of states where recreational weed is legal is growing each year. Top-selling states like California and Michigan have reported $2.1 billion and $1.6 billion, respectively, in recreational cannabis sales for the first half of 2024, as reported by Green Market Report’s Debra Borchardt.
California cannabis supremacy can’t be argued even though many experts have insisted the state’s marijuana market is “on the verge of collapse.” On the other hand, the Golden State is home to the California State Fair at Cal Expo which just recently, for the first time in its 170-year history, allowed on-site cannabis sales and consumption.
Moreover, exciting news that Snoop Dogg is set to open his first licensed cannabis store, S.W.E.D., near Los Angeles International Airport (LAX) made headlines last week. The new shop will no doubt be a cultural hub in Los Angeles, offering top-shelf premium products and services.
Michigan’s Market Is Thriving
Meanwhile, Michigan’s cannabis market is indisputably thriving marked by high-growth brands and a robust market structure, as highlighted by Benzinga’s Nicolás Jose Rodriguez in a recap of a report by Beacon Securities.
That report praised the performance of notable public companies in Michigan, including Ascend Wellness Holdings, Inc. (CSE:AAWH) (OTCQX:AAWH), Grown Rogue International Inc. (CSE:GRIN) (OTC:GRUSF), TerrAscend Corp. (OTC:TSNDF) and Red White & Bloom Brands Inc. (CSE:RWB) while a cannabis sector analysis by Pablo Zuanic of Zuanic & Associates underscored that the state’s market is highly fragmented, with Cresco’s High Supply and Ascend Wellness’s Ozone leading various segments, including the flower category.
Nevertheless, new data from cannabis analytics firm BDSA revealed Michigan has emerged as the top seller of legal cannabis in the U.S., surpassing the Golden State in unit sales. Michigan sold 22 million cannabis products in March, compared to 21.3 million units sold in California over the same month. That milestone was the first time another state has outsold California in legal cannabis products. Another milestone is a per capita sales of 21+ population of $233.97 in Michigan compared to $74.90 in California.
Yet marijuana sales in Michigan on a monthly basis have been flat over the past couple of months with June figures of $278.8 million, representing a 6.9% year-over-year growth or “the slowest annual growth in over two years,” according to New Cannabis Venture’s Alan Brochstein.
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Remaining Top 3
As Green Market Report’s compilation of sales data showed, Illinois with its roughly $851 million figure in legal marijuana sales for the first half of 2024 came third. Combined with medical sales, the total cannabis sales figure reached $1 billion as recently reported by Gov. JB Pritzker‘s office.
Illinois will welcome a slew of top cannabis entrepreneurs, experts and executives at this fall’s Benzinga Cannabis Capital Conference in Chicago on Oct. 8-9. Get your tickets now before prices surge by following this link.
Massachusetts and Missouri followed with $795 million and $709 million, respectively, in recreational cannabis sales reported in the first six months of 2024.
Massachusetts Cannabis Control Commission’s (CCC) recent data showed that combined medical and cannabis sales dipped slightly in June, marking a 2% month-over-month decrease from $155 million in May to $152 million. Some of the major players doing business in the nascent market are AYR Wellness Inc. (OTC:AYRWF), The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTCQX:CBSTF) (FSE: 3LP), Curaleaf International (OTC:CURLF), Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) (FSE: 6CQ) and Green Thumb Industries Inc. (OTC:GTBIF).
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