Sales of recreational cannabis in Connecticut dropped nearly $2 million in January compared to December, according to state data.
There was a total of $15.6 million in recreational cannabis sales in January, down from $17.1 million in December, a 9.9 percent dip month over month. Medical cannabis sales also decreased month-over-month, but saw a smaller dip from $10.4 million to $9.4 million. That’s a total decrease of $2.6 million overall for the month (both recreational and medical).
The number of cannabis products sold in the state also decreased. A total of 399,419 recreational cannabis products were sold in January, down from 453,944 in December, and medical cannabis product sales also decreased, from 291,133 in December to 253,933 in January.
Simultaneously, the average price of cannabis in Connecticut increased by a little more than $1 per product. The average price of a recreational cannabis product was $39 in January, up from $37.8 in December. Medical cannabis products increased in price from $35 on average to $36.4 during the same time period.
Connecticut has seen several cannabis retail outlets and dispensaries open in recent months, while very few cultivation facilities have been producing product. This, industry insiders have said, has resulted in a shortage of flower, the useable cannabis plant material.
Only two cannabis farms have opened in the state since recreational sales began a year ago, one of which is considered a micro-cultivator.
Department of Consumer Protection spokesperson Kaitlyn Krasselt said last month that there has been a “limited variety of certain products,” which she said was the result of “natural fluctuations in supply and demand.”
“The limited variety was exacerbated by increased demand over the holiday season, from Thanksgiving to New Year’s,” she said. “Retailers experienced heavy traffic in relation to the holidays, and the record sales in our December data supports that.”
Thomas Macre, operating owner at Still River Wellness, said a dip after the start of the new year is not surprising.
“Typically, December is our best month of the year due to holiday shopping,” he said. “So, a drop in January is to be expected. However, the ongoing supply shortage is leaving customers with fewer options while pushing prices up. This has likely resulted in customers traveling to other markets or returning to the grey market.”
H/T: https://www.stamfordadvocate.com/
Click Here To Read The Whole Thing
