John Schroyer
Both Arkansas and Connecticut continued their respective marijuana sales tears in 2023 by setting sales records in June.
In Arkansas, the state’s 94,373 medical cannabis patients have spent $141 million through the end of June on marijuana products, a $7 million increase from the same time frame in 2022, setting a new sales record, KNWA reported.
Sales are up 5.2%, according to calculations by the state Department of Finance and Administration. The agency also reported an $823-per-pound decrease in costs, according to KNWA.
DFA spokesperson Scott Hardin predicted that sales would continue to shoot up at the 38 dispensaries scattered around the state.
“With a sales average of $23.5 million monthly, we should surpass $1 billion in overall sales toward the end of this year,” Hardin said, adding that daily sales are about $785,000 and the total sales since the market launched four years ago is about $900 million.
Roughly 1,300 miles northeast, Connecticut continues to outpace itself every month since launching its recreational cannabis market in January.
In June, the state hit almost $24 million in marijuana sales, including both medical and recreational, according to the state Department of Consumer Protection. That’s up about $1 million from the month of May, and is the second month in a row that adult use sales have surpassed medical sales.
Recreational sales were about $12.5 million for the month of June for 313,510 products, while medical sales were $11.3 million for 303,293 products, the state reported.
Though medical sales have taken a hit as recreational has blossomed, that segment appears to have plateaued so far at a little over $11 million per month since April, while adult-use sales have climbed steadily every month since January.
Michigan Stabilizes
Separately, the marijuana wholesale market in Michigan appears to have stabilized, MJBizDaily reported, which could give growers reason for optimism after prices took a nosedive in the past two years.
Having started off astronomically high at $3,883 a pound in early 2020, wholesale prices cratered to $789 as of February, but now appear to have rebounded slightly to $963 as of June, according to wholesale platform LeafLink.
