Cannabis sales in the first quarter in California It fell to $1,249,584,223the lowest quarterly total since the onset of the COVID-19 pandemic, according to the most recent statistics from the state’s Department of Taxes and Fees.
Sales were down 5.9% from the year-ago quarter and the lowest since the second quarter of 2020, when sales were $1,153,285,028.
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The first-quarter stats put California marijuana operators on track to generate just under $5 billion in sales this year, or 7.1% less than in 2022, when taxable sales of recreational and medical marijuana will be. It exceeded $5.3 billion.
If forecasts are correct, cannabis sales will decline for the second year in a row in the world’s largest regulated market.
It’s the first time this has happened since regulations for retail sales for adult use were introduced in 2018.
Sales last year were down 8.6% from about $5.8 billion in 2021, according to state data.
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Read the full article at Marijuana Business Daily
