Jul 11, 2022
Although the cannabis sector has faced negative momentum for the last twelve months, the United States (US) market continues to report impressive growth on the recreational side of the industry and we are bullish on the trend.
During the last two years, several states have started to allow for the sale of recreational cannabis and we believe the transition has served as a major catalyst for the US market. Over the next year, we expect to see additional states allow for the sale of recreational cannabis and believe the market is undervaluing the growth potential that is associated with this possibility.
Today, we have provided some updated information on the performance of 4 states that recently started to allow for the sale of recreational cannabis and want our readers to be aware of these emerging markets.
New Mexico – According to the state’s Cannabis Control Division (CCD), there was $21.2 million of recreational cannabis sales in June. Several experts expect the state to generate more than $300 million of sales per year
New Jersey – According to state data, New Jersey sold $24 million of recreational cannabis in the first month
Arizona – According to state data, the state reported $32 million in sales in the first full month the market was open.
Montana – The state’s Department of Revenue reported more than $17 million of recreational cannabis sales in June, which is the highest amount since the market opening in January. So far this year, the state has generated nearly $150 million of medical and recreational cannabis sales
We are impressed by the performance of the cannabis sector in several of the smaller states (based on population) and will monitor how these markets continue to mature. We believe the US cannabis industry is in the early innings of a major growth cycle and are bullish on the long-term domestic opportunity.
According to data from the six states that Headset (a cannabis data and analytics firm) tracks, cannabis sales increased to $5.49 billion in 2021 from $4.92 billion. We are bullish on the growth that was reported by these states (California, Colorado, Michigan, Nevada, Oregon and Washington state) and expect strong growth to reported in 2022.
https://technical420.com/cannabis-article/4-major-cannabis-market-metrics-that-investors-need-to-be-watching/#
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