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Below is a brief excerpt from a complimentary research note written by our Cannabis analysts Howard Penney and Naman Daga. We are pleased to announce our new Sector Pro Product Consumables Pro. Click HERE to learn more. |
The Hedgeye Cannabis Dashboard covers 12 US cannabis markets in our Retail Sales Tracking Service: AZ, CA, CO, FL, IL, MA, MD, MI, NV, OR.
In the table below, the states in green are fully recreational, and states in blue are medical-only markets.
The new limited license states newer to legalization, such as Illinois and Maine, have significantly higher growth rates than mature markets such as Colorado or Washington.
However, the mature states of Colorado and Oregon had the highest sales per capita, suggesting a long runway for growth in new limited license states.
One notable data point was that the average dispensary in Illinois does $1.38 Million a month in revenue or $16.6 Million annually. In addition, the limited licenses states generate generous average unit volumes, with California an outlier in the mature states.
These strong sales are big catalysts for all of our LONGS in the space.
Sequential Growth
Recreational States
The sample of 9 of the 19 total states which offer legalized recreational pot paint a clear picture of the healthy overall recreational market in the US.
From our sample, we see that sales were strong after a big increase in March.
More recently, however, sequential growth is decelerating, and we are remaining fairly flat. This contrasts with the Canadian cannabis market, which saw a large drop-off of 4.5% in June.
Medical States
The sample size for the medicinal market is much smaller at three states which have only medical sales and release data.
However, from our Pennsylvania, Maryland, and Ohio sample, sales have consistently decreased month-over-month after a large jump in March.
