Annual sales for the state are still expected to match 2022.
Arizona marijuana sales have trended steadily downward for most of 2023, hitting rock bottom in July at a mere $77.3 million in adult-use and $26.1 million in medical sales, according to statistics released this week by the state Department of Revenue.
That’s the lowest monthly sales total of the year so far in one of the nation’s top cannabis markets, down from a peak in March, when Arizona dispensaries sold $99.9 million in recreational cannabis and another $33.2 million in medical marijuana. (The state originally reported more than $100 million in adult-use sales, but that figure was revised downward slightly, the Arizona Mirror reported.)
June was slightly better than July, with $85.2 million in recreational and $27.9 million in medical sales.
But it’s a far cry from the first quarter of the year, when recreational sales were routinely topping $90 million per month and even medical sales hovered around $30 million.
Overall it’s now more apparent why companies such as Cresco Labs (CSE: CL) (OTC: CRLBF) and other multistate operators have abandoned the southwestern market, given the obvious slide in total sales through the year.
The total for 2023 thus far is just under $1 billion in marijuana sales, with $714 million in recreational and $241 million in medical.
With August and September sales yet to be reported, Arizona is still expected to match its 2022 annual sales of $1.4 billion by the end of 2023, the Arizona Mirror projected.
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