The Cannabis Retail Spike Was Short Lived
MJ Biz writes…………Adult-use marijuana sales plunged over the weekend, only a few days after skyrocketing to new heights as consumers prepared for fallout from coronavirus.
The response might mark a natural decline after consumers stocked up before sheltering in place or it could be the result of economic pressures from the pandemic, which has resulted in the closure of restaurants, gyms, ski resorts and scores of other businesses as well as the loss of thousands of jobs.
On March 2, recreational marijuana sales in California, Colorado and Washington state were all up over the same time period in 2019, from a modest 8% increase in Colorado to a whopping 88% in California.
These increases followed previous seasonal trends for March, which often see a year-over-year uptick in sales.
By March 9, sales in the three states had surged, with year-over-year sales increases of 46% in Colorado, 100% in Washington state and an eye-popping 159% in California.
But by March 21, sales had slowed in California to represent a 23% year-over-year increase – and in Colorado and Washington state, sales were down from the previous year.
Washington state’s sales were down 2% while Colorado saw a 19% decrease over the same time period in 2019.
“We’re on a glide path back to normal,” said Logan Bowers, co-owner of Hashtag Cannabis, which has two retail stores in the Seattle area.