The high peaked in December, with a staggering $27.5 million ringing in the cash registers. The sound of success was deafening. But since then, it’s been a downhill ride, with sales dropping 13 percent. The euphoria has faded, and the cravings have kicked in. The high has worn off, and the reality of the market has set in.
Recreational sales, once the shining star, took a slight dip from $16.5 million in May to $16.3 million in June. The numbers tell a story of a market that’s still finding its footing, still trying to navigate the complex landscape of consumer demand and regulatory constraints. However, this seems to be leveling it off.
But the real drama unfolded in the medical cannabis sector. Sales plummeted from $8.2 million in May to a paltry $7.6 million in June. It’s a stark reminder of the challenges that the medical cannabis industry faces in a world where recreational use is becoming increasingly accepted.
The number of registered medical cannabis patients also dwindled, sliding down to just below 40,000. That’s a drop of almost 10,000 since recreational sales began. It seems the green wave has left some folks high and dry. The shift from medical to recreational use is a trend that’s been observed across the country, and it’s a trend that’s likely to continue.
But let’s not lose sight of the price. The average price per gram remained largely stable, hovering around $12.16 in June. But don’t be deceived, the recreational stuff is pricier, averaging at $38.59. It’s a reminder that the legal market still has a long way to go in terms of price competitiveness. It’s all the same. Anywhere you go in CT.
Now, let’s talk about the elephant in the room – The Legacy Market. This unregulated market has been a thorn in the side of the legal industry. With prices significantly lower than the legal market, it’s no surprise that consumers are being lured away. This has undoubtedly played a role in the decline of the legal market. The legacy market, with its lower prices is probably where much of the patient market went.
So, what’s the moral of this story? It appears the green rush might be losing its momentum. But remember, this is the cannabis we’re talking about. The market is still young, and there’s plenty of room for growth and innovation.
Keep it weird,
The Downward Spiral – Connecticut Cannabis Sales Drop
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