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Why Cannabis Sales Are Down In Massachusetts And New Mexico: The Numbers Behind The Dip

Nicolás Jose Rodriguez
December 08, 2024

Massachusetts' average revenue per dispensary dropped to $362k/month, down 8% year-over-year, in New Mexico sales went down 3% in November.

The cannabis industry continues to show mixed results across key U.S. markets, with notable developments in California, Massachusetts, and New Mexico. While California leads in tax revenue, both Massachusetts and New Mexico face slight declines in sales, reflecting broader market shifts.

  • Get Benzinga’s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. You can't afford to miss out if you’re serious about the business.

Massachusetts: A Saturated Market?

In Massachusetts, legal cannabis sales totaled $152 million in November 2024, a 1% decrease from October but a 4% increase from November 2023. On a quarter-to-date basis, sales totaled $305 million for October and November, marking a 5% decline from the prior quarter.

The average price per gram fell to $4.58, the lowest since 2020. 

Average revenue per dispensary dropped to $362k/month (down 2% from the prior month and 8% year-over-year). Notable companies operating in Massachusetts include AYR Wellness (OTC:AYRWF), Curaleaf (OTC:CURLF) and Green Thumb Industries (OTC:GTBIF), contributing to this market's competitive landscape.

“The average price per gram was $4.58 in November, the lowest since we began tracking in January 2020. There were 379 operating dispensaries at the end of November, indicating an average revenue of $362k per dispensary (or approximately $4.3M/year). We note that this is down 2% m/m and 8% y/y from $4.7M/year (or $394k) in November 2023, with the decline attributable to the addition of 53 dispensaries y/y,” reads a recent report from Beacon Securities.

New Mexico

New Mexico's cannabis market showed slight sales fluctuations in November, with total sales of $48 million, down 2% from October but up 3% from the previous year. Quarter-to-date sales were $96 million, a 5% decrease from the July-August period.

The average revenue per dispensary remained stable at approximately $70k/month. Notably, Schwazze (OTC:SHWZ) is a key player in the state, contributing to the overall market dynamics. Adult-use transactions averaged $39, while medical cannabis sales averaged $48 per transaction.

Read Also: Ho-Ho-Holy Smokes! Record Weed Sales Drive Dispensaries To Stock Smart This Holiday Season

California: Strong Q3 Revenue Despite Declining Cultivation Tax

California's cannabis tax revenue for the third quarter of 2024 reached $250.5 million, with $148.4 million from excise taxes and $102 million from sales tax. This brings the state's total cannabis tax revenue since 2018 to over $6.5 billion.

Revenue from cannabis excise taxes supports a range of programs, including childcare, medical research, and youth substance abuse prevention. Despite the elimination of the cultivation tax in July 2022, the market remains a significant financial contributor to the state.

Read Next: Illinois Cannabis Sales Back On Track In October Hitting $142.3M After Slight September Dip

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