Photo by Jeff W on Unsplash
Complete adult-use sales data for August in Massachusetts has been posted by the state Cannabis Control Commission (CCC) on its Open Data platform. Sales momentum that began in July continued in August, with retail revenues in the adult-use sector reaching a new record high for the second consecutive month. The recent surge in sales after retailers were forced to close from late March through late May has pushed up wholesale flower prices in the state. Massachusetts’ Spot closed August at what was at the time a year-to-date peak.
In August, adult-use retailers in Massachusetts generated over $78.6 million in revenue. This figure is up by 8% compared to July’s over $72.9 million in sales.
Average daily sales in August spiked to over $2.53 million, up by 8% from July and also surpassing the previous record high mean daily sales figure of $2.35 million documented in that month.
Similar to July, August’s adult-use revenues may also have been boosted by increased out-of-state visitors to Massachusetts as the severity of the coronavirus pandemic in the northeastern U.S. subsided.
After falling below $3,200 per pound in late April, during the period in which adult-use retailers were closed, Massachusetts’ Spot Index has been on the rise since, a trend that continued in August. From the first to the final week of the month, the state’s composite price – which includes transactions in both the adult-use and medical markets – climbed by 1.5%. For August overall, Massachusetts’ average Spot Index was up 2.9% from July’s monthly mean.