Massachusetts cannabis retailers enjoyed nearly four years without competition from its five bordering states following the sales launch of its adult-use program in November 2018. That’s about to change quickly.
A handful of Vermont retailers began serving an expanded market Oct. 1, while Rhode Island is teed up to start sales on Dec. 1, 2022, and New York and Connecticut are racing to approve adult-use dispensary ribbon-cuttings before the end of the year. Meanwhile, New Hampshire is on a medical-only island of its own in New England.
As four of its neighbors come online with 21-and-older retail, Massachusetts’ adult-use market is showing signs of maturity and will likely have the most competitive retail prices in the region for some time to come.
While Massachusetts’ average flower price per ounce at adult-use retail was $381 in October 2021, that rate plummeted to an all-time low of $220 in October 2022—a 42% decrease—according to monthly figures reported by the state’s Cannabis Control Commission (CCC). Specifically, flower prices dropped by more than $40 per ounce from September to October, the largest month-to-month dip this year.
Nevertheless, overall sales figures have not waned significantly. Massachusetts adult-use retailers reported $127.1 million in cannabis in October, roughly a quarter million off September’s mark and, according to CCC’s data. The state had a summer peak of $132.4 million in July sales.
For the calendar year, adult-use sales have surpassed $1.2 billion, representing an 11.6% increase compared to the first 10 months of 2021.
And since adult-use cannabis retailers opened in November 2018, gross sales stand at $3.73 billion and counting. Buds have accounted for more than 43% of that overall market, while vape products (17.6%), infused edibles (14.6%), raw prerolls (12.4%) and concentrates (9%) represent the other major product categories in the state.
]]>