Cannabis sales in the state of Washington declined by about $120 million over the past year, according to a recent market analysis report, marking the first time regulated sales of pot have dropped in a decade. Aaron Smith, co-founder and chief executive officer of the National Cannabis Industry Association, said that a decline in retail cannabis sales has also been documented in other states that have legalized sales of recreational marijuana. The drop in retail cannabis sales in Washington followed two years of strong growth, largely fueled by the boost in sales associated with the COVID-19 pandemic and the resulting shutdowns of many businesses deemed nonessential. Retail sales of marijuana fell by more than 8% from July 2021 through June 2022, according to a report on the cannabis markets in Washington, California, Colorado and Oregon from cannabis data analysis firm Headset. Headset’s analysis showed that the average transaction recorded at licensed cannabis retailers in Washington dropped by almost three dollars, from $34.14 in July of last year to $31.41 in 2022.
Cannabis sales in the state of Washington declined by about $120 million over the past year, according to a recent market analysis report, marking the first time regulated sales of pot have dropped in a decade. Retail sales of marijuana fell by more than 8% from July 2021 through June 2022, according to a report on the cannabis markets in Washington, California, Colorado and Oregon from cannabis data analysis firm Headset.
The drop in retail cannabis sales in Washington followed two years of strong growth, largely fueled by the boost in sales...
Read the full article @ High Times