October 2023 brought in cannabis sales of nearly $25 million in Connecticut. Both marijuana for adult-use purposes and medical purposes are included in this amount.
Based on the data provided by the Department of Consumer Protection, the adult-use market had sales totaling more than $14.7 million from October 1 to October 31, 2023. Interestingly, during this period marijuana sales for medical purposes surpassed $10.1 million in Connecticut. When it comes to purchasing marijuana for adult-use in Connecticut, customers typically spend $37.61 per person on average while medical marijuana costs about $36.43 per patient. It’s worth noting that since cannabis was legalized in January its price has gradually decreased from an average of $44.61 in Connecticut.
During October, more than half of the sales were attributed to cannabis or flower products, with vapes accounting for 31% and edibles representing 11% of total sales.
Cannabis became legal in the state for adult use on January 10 of this year, and sales have been steadily increasing each month since. Adult-use marijuana sales revenue in January was only $5 million but has reached new heights each month throughout 2023. While the DCP does not make revenue projections, the data clearly indicates that the sale of adult-use marijuana products will continue to increase at the same rate in the coming months. December 1, 2023, will see an increase in the legal amount of marijuana per transaction in Connecticut from one-quarter ounce of raw flower to one-half an ounce of raw flower, which will undoubtedly contribute to an increase in sales as well.
Medical marijuana has been legal in Connecticut since 2012, and sales for medical use have taken a hit since adult-use marijuana was legalized. The decrease in revenue has not been dramatic, but sales have dropped from their peak of $12 million last March. Preliminary data released by the DCP for October sales does not include taxes collected on adult-use marijuana products, and medical marijuana users do not pay taxes on their medicine in Connecticut. Medical marijuana patients are also not subject to individual transaction limits, unlike recreational users.
The United States cannabis market has been flourishing as more and more states legalize recreational marijuana use. Combined medical marijuana and adult-use sales could reach $33.6 billion nationwide by the end of 2023. Marijuana has been completely legalized by twenty-three out of fifty states as of October 30, 2023. Eight additional states have decriminalized marijuana use but not fully legalized it. Cannabis remains completely illegal in only four states: South Carolina, Idaho, Kansas, and Wyoming.
The changing attitude toward cannabis use has prompted many large brands to begin producing cannabis products. Well-known companies like Pabst Blue Ribbon and Lagunitas have developed their own THC-infused drinks. Other brands like Magnolia Bakery have partnered with cannabis companies to create new lines of edibles or beverages. Hemp-infused CBD products that provide pain relief and ease muscle tension have flooded the market. Professional sports teams and players have even been encouraged to endorse pain-relieving products. Marijuana is a lucrative industry in the United States, and the possibilities have only begun being explored.
