The Oregon Liquor Control Commission (OLCC) recently released sales and production data for June 2020. Oregon began gradually reopening some businesses county-by-county in late May, which may have translated to more people out and about in general. However, after three months of meteoric rises, Oregon’s cannabis sales saw a dip in June. Still, they remained strong and represent the second-highest monthly revenue tally in the history of the state’s market, after May’s.
The most recent OLCC data shows that total retail sales totaled roughly $100 million in June, down by about 3% from over $103 million the month prior. The downturn in monthly sales from May to June is unusual in Oregon’s legal cannabis market, but again it follows three straight months of record-breaking revenue tallies. Still, even with the downturn, June 2020’s sales are up by about 50% year-over-year, from almost $66.6 million in the same month in 2019. In the month’s prior to COVID-19 gripping the U.S. this year, annual growth rates were observed at about 30%.
In June, sales revenue generated by adult-use consumers fell to about $87.5 million, down from over $91.5 million in May. Meanwhile, sales to patients increased from May to June, from over $11.5 million to almost $12 million.
Month-over-month changes in retail sales revenue and volume for the OLCC’s product categories are as follows: Revenue from sales of “usable marijuana” (the OLCC’s term for flower, trim, and pre-rolls) declined from over $60.8 million in May to roughly $60 million in June. Sales volume of usable marijuana contracted from almost 27,000 pounds in May to less than 25,000 pounds in June.
Concentrates and extracts generated about $24 million in June, down from over $25 million in retail revenue in May. The number of units of concentrates and extracts sold in June fell to about 1.23 million, from almost 1.3 million the month before.
Finally, sales revenue from edibles and tinctures decreased in June, to about $9 million, from over $9.6 million in May. The number of units of edibles and tinctures sold to consumers and patients also decreased, from around 990,000 in May to about 940,000 in June.
Monthly harvest figures were on the rise, however, from around 200,000 pounds in May to about 300,000 pounds in June. June 2020’s harvest wet weight is more than double the less than 125,000 pounds brought in by licensed growers in June 2019, indicating a notable expansion in production. Harvest volumes typically jump in July when summer light-deprivation crops begin being brought in. It is possible that some growers may have harvested a bit earlier than usual this year.
As of July 2, over 700,000 pounds of unsold “usable marijuana” was logged in the state’s CTS, down from almost 775,000 pounds recorded as unsold in early June. OLCC data shows that statewide unsold inventories of concentrates and extracts held fairly steady at roughly 35,000 pounds; that for edibles and tinctures rose from almost 275,000 pounds to about 290,000 pounds.
Oregon’s Spot Index stabilized in June after climbing through April and May. For June as a whole, Oregon’s Spot Index was up by 10.3% from May’s monthly mean composite price. Since the end of last month, Oregon’s Spot has resumed its previous upward trend.