MJBizMag October 2022 - 16

INDUSTRY DEVELOPMENTS National & International
Cannabis News
Midyear U.S. Cannabis
Sales a Mixed Bag
U.S. cannabis sales through July
were a mixed bag across the
country, as consumers adjusted
to historic inflation and shrinking
disposable income, according to
an analysis of state sales data by
MJBizDaily.
Newer recreational and medical
markets posted the kind of
double-digit growth expected from
emerging cannabis markets.
Markets experiencing growth
through the first seven months of
this year included:
* Missouri (medical): 174%.
* Maine (recreational): 159%.
* Utah (medical): 87%.
* Arizona (recreational sales
through May): 64%.
* Iowa (medical): 63%.
* Michigan (recreational): 57%.
* Illinois (recreational): 20%.
By contrast, more mature adultuse
markets in California, Colorado
and Oregon contracted, some
declining 20% or more compared to
the first six months of 2021.
Medical markets that posted
falling sales during the first of the
year compared to the same period
last year include:
* Colorado: -42.8%.
* Michigan: -41.3%.
* Oregon: -37.7%.
* Arizona: -16.5%.
* Massachusetts: -10.3%.
* Illinois -10.4%.
Wholesale and retail marijuana
prices continue to fall in most
states, with production often
outpacing consumption.
Though Michigan had envious sales
growth in the first half of the year,
wholesale recreational marijuana
prices have dropped below $1,000
per pound after many cultivation
businesses came online.
16 October 2022 | MJBizMagazine
The glut of cannabis products
and brands have retailers in many
states increasingly discounting
their merchandise in hopes of
shrinking bulging inventories
and boosting sales amid growing
competition.
Ontario Chamber Calls
for Reform of Cannabis
Wholesale Monopoly
Shipping delays at Ontario's
government-owned cannabis
wholesaler underscore an " urgent
need for reform, " the Canadian
province's chamber of commerce
said.
The business lobby group said the
delays hurt retailers and cannabis
cultivators, especially smaller
companies, which might still be
unable to stock their shelves.
The Ontario Cannabis Store (OCS)
suspended deliveries to stores on
Aug. 5 after a cyberattack on the
parent company of contractor
Domain Logistics, which operates
the OCS distribution center.
That meant roughly 1,600
cannabis stores were unable to
place wholesale orders. One week
later, the government-owned
cannabis wholesaler resumed some
shipments to retailers.
The Chamber is calling for the
Ontario government to allow
licensed marijuana producers
and store owners to have direct
commercial relationships, " enabling
them to negotiate their own
product mixes, prices and delivery
terms, which would mitigate
the risks inherent to the current
system. "
Currently, all regulated cannabis
stores in Ontario must buy their
wholesale cannabis from the OCS,
which adds a significant markup
to most products, even though it's
merely a middleman in the supply
chain between producers and
retailers.
Costa Rican President
Seeks to Legalize Medical
and Adult-use Marijuana
Costa Rica's president said he
intends to bring recreational
cannabis legislation to the
Legislative Assembly and,
separately, publish rules for the
Central American country's medical
marijuana and hemp businesses.
Rodrigo
Chaves
Rodrigo Chaves, who was elected
president in April, laid out the plans
in a speech marking his first 100
days in office.
The president said his
administration is preparing
regulations for medical marijuana
and the cultivation of hemp for
industrial purposes, which the
country legalized before Chaves
took office.
Regulations, considered the
boundaries for businesses and
consumers, carve out the size of
any potential new legal cannabis
market, so entrepreneurs will be
watching closely for what those
rules do and don't allow.

MJBizMag October 2022

Table of Contents for the Digital Edition of MJBizMag October 2022

MJBizMag October 2022 - 1
MJBizMag October 2022 - 2
MJBizMag October 2022 - 3
MJBizMag October 2022 - 4
MJBizMag October 2022 - 5
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