Cannabis Monthly Q&A + Industry Sales Tracker Update Call
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Today at 10 am, Howard Penney and JT Taylor will discuss both industry sales trends as well as an update on cannabis legislation heading into the midterm and what that means for the future of the cannabis industry. Some of what we will discuss about both the U.S. and Canadian markets can be seen below when looking at the cannabis market in Massachusetts. In June, Massachusetts saw a MoM increase in cannabis sales of 1%, which is an improvement from being down 2% in May. June did see a YoY decel by only growing 5% compared to to 8% in the month prior. The real story here isn't about consumer traffic, but the price deterioration that the market is seeing. In May alone, prices had fallen 2.5% compared to the month prior and fell 21.3% compared to a year ago. These are just a few of the trends we will dive deeper into during today's presentation.
Industry sales remain sluggish
EUROPE DISCUSSING GOING GREEN?
Officials from Germany, Malta, Luxembourg, and the Netherlands held a meeting last week to discuss plans and potential outcomes of legalizing recreational marijuana in their region. Many European countries have been discussing cannabis reform in the last free years. “There is a need to re-assess our policies on cannabis and to take into account recent developments in this area, to further strengthen and develop health and social responses, such as prevention programs, treatment and harm reduction interventions and to find new approaches beyond prohibition based drug policies,” the statement says. It was clear that these countries understand that the current status quo is not working and change is needed. It is great to see countries coming together to best find solutions in these markets.
California State Fair is in high demand.
For the first time, cannabis will have a place at the California state fair, and even better, they had their first ever cannabis competition this year. "Greenshock Farms won the gold award for its outdoor ocimene-dominant cultivar, Passion Orange Guava. High-Grade Farms won the gold award for its indoor caryophyllene-dominant cultivar, and Peanut Butter Cup. Esensia won the Best of California “Golden Bear” award in the caryophyllene category for its Lemon OG." Most of the awards in the competition were terpene based, “From our understanding and perspective, terpene content is much more an indicator of what defines quality than THC percentage itself,” Dixon says. “We're really thrilled for this opportunity with the California State Fair not only to contribute to the range of diversity that this great plant offers but also to highlight the role that terpene content has in helping distinguish or differentiate quality within the categories.”
