Retail sales of cannabis products reached all-time highs during the months of April and May, according to data compiled by the firm New Frontier Data.
Analyzing retail sales data from 24 state markets, authors reported, “Average consumer monthly spending rose to record highs in April and May, reaching $290 and $296, respectively.”
Authors highlighted record sales totals in several states. In Oregon, retails sales of marijuana products totaled an estimated $100 million in May, the single-highest monthly ever reported in the state. In Colorado, marijuana-related sales in May totaled $192 million, also a record high. Sales of medical cannabis products in Florida and Oklahoma have also maintained month-over-month growth during this same time period.
Authors concluded, “One unanticipated effect of the COVID-19 pandemic has been the growth acceleration of legal cannabis markets (and erosion of the illicit markets) in those states which have activated both medical and adult-use sales.”
Numerous state and local regulators have designated marijuana-related dispensaries as “essential” businesses during the pandemic – allowing them to provide uninterrupted, and in some cases, expanded services during the pandemic.
A summary of states’ emergency policies governing cannabis sales is online from NORML here.
