BOOM! December New Mexico Cannabis Sales REC up 8.1%, Total Sales up 7.8% MMJ up 7.1% Before this is viewed as a pivot or turning point in New Mexico, consider that last December reflected a similar performance, followed by a dismal January. I predicted a REC sales gain of 4%, which was more than doubled last month to 8.1% REC sales growth. Wow! Highlights: 1⃣ For the first time, monthly combined sales of REC and MMJ eclipsed $50mm in one month (December closed at $50.47mm) 2⃣ All-time monthly bests with: - REC Sales - REC Transactions - Highest REC AOV since July - Highest MMJ Sales since August - Best MMJ AOV since June 3⃣ For 2023 - $556.4mm in total cannabis sales - $393mm in REC sales (compared to just $214.3mm in 2022) - 9.24mm REC transactions 4⃣ However...last January - REC Sales down 6.0% - REC AOV down 6.8% (and nearly $3 per transaction) - Total cannabis sales down 7.4% - MMJ sales down 10.1% #cannabisdata #newmexicocannabis The Data Heard
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New Mexico Cannabis Sales Data for January is in. Not a good month. Worse than forecast. 🔘 Largest monthly decline for REC$ since program inception - down $3.05 mm 🔘 REC$ down 8.9%, MMJ$ down 9.7%, Total Sales down 9.1% 🔘 My forecast was for $35.45 mm in January REC sales. Actual came in lower, at $34.42 mm 🔘 My forecast for REC AOV was $40.85. Actual is $40.89 🔘 REC AOV retreated by $1.66 to $40.89, its lowest level since October 🔘 REC and MMJ TRANS were off by 4.6% and 4.4%, respectively *EDIT: Total Sales = Total Sales $ mm #newmexicocannabis #cannabisdata The Data Heard
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New Mexico Cannabis - February Sales ☛ REC$ Sales and REC AOV: Slightly higher than where we predicted. Nice bounce off of the January pullback Total Retail Licenses --> Unchanged Total Sales --> UP 3.6% REC$ Sales --> UP 3.5% (forecast: UP 2.5%) REC Transactions --> UP.9% REC AOV --> UP 2.6% (forecast: UP 1.5%) MMJ$ Sales --> UP 3.8% MMJ Transactions --> DOWN 1.1% MMJ AOV --> UP 4.9% MMJ/Total Cannabis Sales % --> UP .2% #newmexicocannabis #cannabisdata The Data Heard
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New Mexico Cannabis still waiting on June sales data... The C.R.O.P. only lists REC sales records for 603 storefronts in June. 71 storefronts that reported REC sales in May have not reported sales for June. Of the 603 that reported REC sales in June, 429 were negative M/M. That's 71% down from May - not a strong June. Compare that with last year, when only 51% were down from May.
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Illinois updated December sales. This was part of the release.....we need to stop talking about cannabis sales like this. "CHICAGO – The Illinois Department of Financial and Professional Regulation (“IDFPR”) announced today that adult use cannabis sales set a new annual record in 2023, exceeding $1.6 billion. Records were also set in sales to in-state residents and the number of items sold, with that total increasing more than 15% compared to 2022." I like how they snuck in that 15% number on what exactly, "number of items sold?" Total adult-use sales was a record at $1.6 billion but sales only increased 5% from 2022. It was growth, but hardly record-setting. And for comparison, adult-use sales growth between 2021 and 2022 was 12%. We need to stop talking about sales like this. Record-setting by dollar amount is not a valuable description of what is going on in the market. You can see the stall in Illinois adult-use cannabis sales in this chart. More state sale trends in my story for MJBiz. https://lnkd.in/gTH_3jVa
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New Mexico Cannabis June Sales Overview - It's not pretty and completely unexpected, given the month/season (June) and the growth from last May to June. Wow. ➤ Total Sales off by over 6% ➤ REC Sales were off by 5.6% (last June REC sales were up 6.3%) ➤ REC Transactions down 46k ➤ REC AOV at an all-time low of $40/basket ➤ MMJ Sales are off by 7.7% (last June MMJ sales were 2%) ➤ MMJ AOV of $48.94, lowest since OCT '23 ➤ MMJ Sales at all-time low * Both May and June had 9 Fridays and Saturdays. May: Mother's Day, Graduations and Memorial Day June: Graduations, Father's Day, Start of Summer #newmexicocannabis #cannabisdata The Data Heard
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JUST IN! New Mexico Cannabis April Sales REC Sales down 3.1% to $38.25mm (TDH predicted $38.48mm) REC Trans down 1.5% REC AOV down 1.6% to $41.82 (TDH predicted $42.08) MMJ Sales down 1.5% MMJ Trans down 1.6% MMJ AOV up .2% to $51.90 Total Licensed Retail Storefronts down 24 licensed units, or 2.3%, to 1,003. This is the lowest figure since last June. #newmexicocannabis #cannabisdata The Data Heard
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Here’s the most recent cannabis sales data from Illinois. From 1/1/2020 to 4/30/2024 the Illinois cannabis sales total is $7.2 billion.
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New Mexico Cannabis Based on REC sales data, who are the best-performing multi-unit operators (with at least five storefronts that reported REC sales in June)? Criteria: - Total Portfolio REC Sales Growth - June '24 v. March '24 - Portfolio REC Sales up or down? - June '24 v. Average of the past three months - Portfolio REC Sales up or down? - June '24 v. December '23 - Portfolio REC Sales up or down? - June '24 v. Average of the past six months - Portfolio REC Sales up or down? Short-term: Over the past three months (not in order) ✔️ Dispensary Near Me ✔️ Leaf & Flower Mid-term: Over the past six months (not in order) ✔️ Score 420 ✔️ Prohibition 37 ✔️ Oasis Cannabis Co. ✔️ R. Greenleaf/Everest Want to see the full list? It is included in the June '24 Sales Review, now available for $100. Contact me for further details!
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#Colorado’s cannabis sales have continued their downward trend, with the latest official figures showing the largest year-on-year drop this year in June. This looming cloud did have a minor silver lining, however, with sales total sales in June of $113.7m rising marginally from May’s $113.1m. Despite this slight month-on-month respite, each month of 2024 has seen a year-on-year decline in total sales (medical and adult-use) compared to the same month in 2023, with the most significant drop occurring in June 2024, where sales decreased by 13.3%. In the six months to June, 2024, medical sales decreased by approximately 5.8%, while retail sales dropped by about 11.2%. https://lnkd.in/eGVjztbU
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CEO and founder @ Canna Mommy, LLC | Leader in Pregnancy and Cannabis | Sales Expert | Entrepreneur | Cannabis Advocate
How to Sell Cannabis in a Saturated, Volatile Market: Understanding Your Buyer’s Fears and Needs In a saturated and volatile cannabis market, standing out can feel like a struggle. As someone who's been in sales for 20+ years, here’s what I know to be true: buyers only make decisions based on fear or need. If you want to close more deals, you have to uncover what drives your buyer—what they’re afraid of, or what they desperately need—and position your product as the solution. Here’s how you can do that: Dig Deep into Buyer Fears Every cannabis buyer has fears, whether it's about compliance, product quality, or reputation. It could be a fear of losing customers, making the wrong investment, or failing to meet regulatory standards. As a seller, it’s your job to uncover those fears. Once you know them, show how your product directly addresses and resolves those concerns. That’s how you turn hesitation into confidence. Understand Their Core Needs Needs go beyond just wanting a product to sell—they often center around the desire for reliability, profitability, or innovation. Does your product fill a specific market demand? Does it offer consistent quality that dispensaries can rely on? Get clear on how your product meets their needs, then communicate it effectively. The more your product feels like the perfect fit, the more likely they’ll be to buy. Position Your Product as the Solution Once you’ve identified their fears and needs, position your product as the answer. Are they worried about compliance? Highlight your legal standards. Do they need to grow their customer base? Show how your product’s unique selling points can attract more buyers. Aligning your product with their emotions, whether driven by fear or need, is the key to making sales in a crowded market. So, what’s the biggest challenge you’re facing right now in cannabis sales? Let’s talk about it in the comments—I'd love to hear your thoughts!
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10moPatrick Martinez