Like many exhibitors and presenters at MJBizCon, we came away from the event invigorated by the hundreds of conversations we had with current & prospective clients. The exhibition floor was bustling, and the questions posed to us throughout the 3-day event certainly reaffirms what we already know: the industry is GROWING – but the where, who & how is still very much TBD.
The Nevada cannabis market is unique among states with legal recreational cannabis regimes. The role of tourism plays a big role in shaping retail trends. The concentration of sales in urban centers stands apart. And the state’s regulatory framework offers benefits and challenges for cannabis companies and investors.
Cannabis is perhaps the most exciting retail opportunity to hit U.S. markets in decades. The lucrative combination of rapid sales growth, an ever-expanding customer base and government-enforced protection against mass-retail has resulted in a unique market that is unlikely to be replicated anytime soon.
We’re in no rush to say goodbye to summer, but, as we head into Labor Day weekend, let’s review how the cannabis industry has fared during Labor Day weekends past and other key summer holiday periods:
Our research on the roll-out of adult-use legalization in Canada, published today in the Cannabis Intelligence Briefing titled Canada Leads the Way on Global Cannabis Legalization, is the first research of its kind. The report models each of the 10 Canadian provinces individually. At a countrywide-level, consumer spending is now forecast to grow from $569 million in 2018 to $5.2 billion in 2024.
Cannabis consumers love Blue Dream, the sativa-dominant hybrid known for its ability to foster a Zen-like balance of full-body relaxation with cerebral stimulation. Enthusiasm for Blue Dream has made it No. 1 among more than 12,000 strains tracked by BDS Analytics in Colorado, Washington, Oregon and California. Sales have mostly dominated in Washington since the first day of recreational sales, in 2014 — in September, it was No. 1 with $1.2 million in sales. It has reigned supreme in Oregon at times, but not always. In California, Blue Dream has ruled sales for most of this year; in October sales of $1.9 million were well above its nearest competitor. And in Colorado, Blue Dream took the No. 1 spot in February 2014, one month after adult-use sales began, and never was forced from its plush throne — until this year.
Sales of cannabis fluctuate throughout the year across Colorado, Washington and Oregon, with individual days, like Fridays, serving as most weeks' sales summits, and holidays like July 4 and of course 4/20 boosting cannabis sales significantly.
The dispensary marketplace is a lively bazaar, with established brands and entrepreneurs every day coming up with new products — everything from chewing gums to nasal sprays to CBD-packed concentrates and massage lotions.