First-quarter cannabis sales in California slid to $1,249,584,223, the lowest quarterly total since the onset of the COVID-19 pandemic, according to the latest statistics from the state’s Department of Tax and Fee Administration.
Sales were down 5.9% from the same quarter a year ago and the lowest since the second quarter of 2020, when sales were $1,153,285,028.
The first-quarter statistics put California’s marijuana operators on track to generate just less than $5 billion in sales this year, or 7.1% less than 2022, when taxable sales of recreational and medical marijuana eclipsed $5.3 billion.
If projections hold true, cannabis sales would fall for the second consecutive year in the world’s largest regulated market.
It’s the first time that has happened since regulations for adult-use retail sales were established in 2018.
Sales last year decreased 8.6% from roughly $5.8 billion in 2021, according to state data.
Read full article on Marijuana Business Daily
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