After a lousy August, the USA slowed further in September, with a sequential decline of 3% to $1.7 Billion in the states Hedgeye tracks. At the same time, growth remains healthy at a 20% increase YoY. Recreational sales were slowed more than medical sales in September, with a 3% sequential decline and a 2% sequential decline, respectively.
In the mature states like Oregon, Colorado, and California, sales are down 1%,9%, and 4%, respectively. Nevada, Colorado, and Oregon have the greatest consumption by capita. Nevada and Colorado are skewed higher due to canna tourism, which drives many sales for these states. However, newly legalized states and limited license states, including all medical states, continue to show strong YoY growth.
Nevada, Illinois, and Arizona have the greatest sales per dispensary for recreational states, while Pennsylvania and Ohio have the largest medical states. Though this number has come down, the average dispensary in Illinois does $13.4 Million in annual sales, which is an understated number since this does not count medical sales.
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