Licensed cannabis retailers in Massachusetts reported $151.8 million in sales this June, the best month of 2023 so far, but the total was far from the best month on record since legalization, state data shows.
The adult-use ($132.8 million) and medical cannabis ($19 million) combined total for June is the seventh-best monthly sales figure since adult-use sales launched in November 2018 in the Bay State, according to the Massachusetts Cannabis Control Commission’s (CCC) sales data.
The top six sales months on record in Massachusetts include:
- July 2022: $155.5 million
- July 2021: $154.6 million
- Dec. 2022: $154.5 million
- Dec. 2021: $154.0 million
- Aug. 2022: $153.3 million
- Aug. 2021: $152.7 million
This contradicts coverage from Marijuana Moment and MJBizDaily, which reported that June 2023’s $151.8 million sales figure represented a record monthly high since the state’s adult-use launch. And this is an important distinction, because year-over-year sales trends can tell us a lot about the challenges facing the broader cannabis industry.
Through the first six months of 2023, Massachusetts retailers have sold a combined $868.5 million in cannabis, representing a 2% increase compared to the same sixth-month period in 2022. This modest growth comes after Massachusetts’ full-year 2022 sales total of $1.75 billion represented a nearly 7% increase compared to 2021.
Consumer demand does appear to be as high as it’s ever been in the Bay State, however, as retailers have sold more products to account for lower price points.
The average retail price per gram for adult-use flower sank to an all-time low of $5.82 per gram (or roughly $165 per ounce) in June 2023, representing a 45% decrease from June 2022, when adult-use flower commanded an average of $10.58 per gram (or roughly $300 per ounce) in the in Massachusetts, according to the CCC.
What’s happened since this time last year?
Bordering states Connecticut, New York, Rhode Island and Vermont have all launched adult-use sales, introducing competition that was previously absent in the Northeast. In addition, price compression has become ubiquitous throughout the industry since mid-2022.
Dried flower continued to represent the largest product category in Massachusetts, with nearly $12.5 million in sales during the last week of June, nearly doubling the $6.3 million in vape product sales. Preolls ($5.4 million), infused edibles ($4.2 million) and concentrates ($1.4 million) were the next leading categories.
Overall, Massachusetts retailers have reported $4.74 billion in adult-use sales since November 2018 and roughly $1.08 billion in medical sales for a combined total of $5.8 billion in the past 4 1/2 years.
