July was a record-breaking month for both recreational and medical states. Total sales in all Hedgeye tracked recreational states was $1.38 Billion, while medical was $374 Million. These numbers are sequentially higher 9% and 13% increase and a 24% and 47% increase YoY, respectively. The 2021 run-rate for recreational cannabis is $14.2 Billion and $3.95 Billion for medical, totaling $18.15 Billion. Two notable exceptions are Colorado and Oregon, where sales declined 3% and 2%, respectively. The strongest sequential growth was seen in Maine and Massachusetts, which saw increases of 46% and 34%, respectively. One other data point to highlight is the slowing growth in California! In 1Q21, the California cannabis market grew 35% and had seen its growth slow to a 7% increase YoY to $443 Million in July. Colorado, Oregon, and Nevada continue to have the highest usage rates leading to higher sales. The main driver of Nevada's high usage rates is tourists flocking to Las Vegas to purchase legal weed. The most lucrative states to currently be operating in based on sales per dispensary are Illinois and Nevada.
There are currently 19 states that have recreational legalization. Out of these 19, only 10 have actually started sales. We track all 10 of these states, except Alaska.
Recreational sales saw quite a jump in July, up 9% from June, with strong growth coming out of MA and ME.
Medical sales had an even larger jump in sales which were up 13% from June. Again, both Ohio and Florida had the strongest growth.
