February 16, 2024
Adult-use retail cannabis sales fall, as prices rise due to product shortage
HBJ PHOTO | STEVE LASCHEVER
A cannabis plant grows in CTPharma's 216,000-square-foot cultivation and manufacturing facility in Rocky Hill.
Retail sales of adult-use recreational cannabis fell last month for the first time since the state’s program launched in January 2023, according data from the Department of Consumer Protection released Thursday.
Total adult-use retail sales dropped about $2 million between December 2023 and February, from $17.1 million to $15.6 million.
Recently, a cannabis shortage has caused prices to rise, which has likely crimped demand.
The average product price increased from $37.77 in December 2023 to $38.99 in January in the adult-use market, and from $34.94 to $36.39 in the medical market.
Until January, adult-use sales had been steadily increasing each month. At the same time, medical marijuana sales have been dropping, from a high of $12.6 million in March 2023 to $9.4 million in January.
The dollar value of adult-use recreational sales exceeded that of medical marijuana sales in May 2023.
Cannabis flower continues to be the most popular product sold at dispensaries, representing 51% of total dollars spent on cannabis products.
Vape cartridges are the second-most popular delivery method, followed by infused edibles and extracts for inhalation. Cannabis is also available in the form of pills, tinctures, infused topicals, drinks and lozenges – a category that represents just 3% of retail sales.
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