Massachusetts Cannabis Sales in June: Trends and Key Takeaways – Ayr Wellness (OTC:AYRWF), Cannabist Holdings (OTC:CBSTF)
Massachusetts Cannabis Sales in June: Trends and Key Takeaways – Ayr Wellness (OTC:AYRWF), Cannabist Holdings (OTC:CBSTF)

Data from the Massachusetts Cannabis Control Commission (CCC) showed that legal cannabis sales declined slightly in June. This represents a month-on-month decrease of 2% from $155 million in May to $152 millionDespite this slight decline, daily sales actually increased by 2% when taking into account the fewer number of shopping days in June compared to May.

Cannabis sales and pricing trends in Massachusetts

This differentiated performance continues a trend of steady growth on a quarterly basis. In the second quarter of 2024, revenue was reported at $457 million, up 4% from $441 million in the previous quarter.. This represents a modest 2% annual growth from $447 million in the second quarter of 2023.

The CCC data shows that the price dynamics on the market have also changed. The average price per gram of cannabis reached a record low of $5.06 in Junethe lowest figure since records began in January 2020. This price reduction comes against the backdrop of an expanding retail landscape, with the number of pharmacies in operation increasing to 368 by the end of June.

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Sales per pharmacy are falling

However, increasing competition and market saturation led to a noticeable decline in sales per pharmacy. A Beacon Securities The report notes that average annual revenue per pharmacy fell 15% year-over-year, from $5.3 million in June 2023 to about $4.5 million.

Pre-rolled joints are increasing rapidly as a result of various product sales trends

In terms of product category performance, sales in June showed mixed results. In particular, Pre-rolls increased 9.5% year-on-yearand reached revenue of $27.44 million, boosted by a 41.6% increase in unit sales, according to Headset data. Edibles and topicals, on the other hand, saw declines of 14% and 21.4%, respectively, while flower and beverages posted modest gains of 2.7% and 3.3%, respectively.

Major players achieve high valuations despite stable market situation

In addition, Massachusetts continues to be a robust market for cannabis, attracting major players such as Ayr Wellness AYRWF, The Cannabis Company CBSTF, Curablatt CURLF, Cresco Labs CRLBF And Green Thumb Industries GTBIF. These companies have maintained their strong buy ratings in the state despite fluctuating market conditions.

The CCC data is consistent with Beacon Securities’ report, which states that while the market is under pressure from price declines and an increase in retail outlets, the overall health of the cannabis industry remains strong due to consistent consumer demand and strategic adjustments by retailers.

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By Aurora