Cannabis continues to skyrocket in Massachusetts!
The Massachusetts CCC report for 2022 revealed the state collected $1.42B in adult-use sales - bringing total sales since legalization in Nov 2018 to $4B.
The state reached its first $1B in 2022, then $2B by 2021, and $3B by May 2022. Only 6 months later, sales ballooned another $1B.
According to Boston .com, Brandon Pollock, CEO of Theory Wellness, said that the completion of many cultivation facilities over the last year has contributed to the imbalance of supply and demand. “The last 12 months have been fairly drastic. I’d say on the wholesale market, prices might be down approximately 50% in one year, which is, for folks that are only on the cultivation side of the business, especially difficult.”
Joseph Lekach, CEO of Apothca, also explained that this imbalance has been present for some time. “A year and a half, two years, three years ago, it wasn’t good either. It was unbalanced to the high side, now it’s unbalanced for the low side. So this is temporarily good from a customer’s perspective,” Lekach said. “But a lot of manufacturers and cultivators will cut costs wherever they can just to stay alive. You’re going to have an inferior product coming out. It’s a double-edged sword.”
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