What Can We Learn from the Oregon Cannabis Market Image: James Morden/Unsplash
December 12, 2023

The Oregon Liquor and Cannabis Commission (OLCC) this week issued sales data for November 2023. November saw licensed retailers tally $76.8 million in sales, down 2.5% from October sales of under $78.7 million, but up 1.6% from sales of almost $75.6 million in November 2022.

Overall statewide sales are illustrated in the chart below. We noted last month that year-on-year losses are narrowing and this month saw an increase from the year prior.  Monthly sales continue to track between $75 and $85 million, a range first established in May 2022. (February sales, at under $72.9 million, would be within the aforementioned range if the month had 30 days based on average daily sales.)  

Oregon Historical Monthly Cannabis Sales

Oregon Cannabis Product Sales Data

A breakdown of November sales by the major product types delineated by OLCC is as follows:

  • November 2023 Usable Marijuana sales were $36.2 million, down 4.6% from the prior month.
  • November 2023 Concentrate / Extract sales were $19.1 million, down 0.5% from the prior month.
  • November 2023 Edible / Tincture sales were nearly $10.6 million, down 0.2% from the prior month.
  • November 2023 Inhalable Product with Non-Cannabis Additives sales were under $6.5 million, up 0.3% month-on-month.
Oregon Cannabis Sales by Product Type

Oregon Retail Cannabis Price Data

The median retail price for a gram of usable marijuana was essentially stable from October to November 2023, rising just $0.01 to $3.82 per gram in the latter month. November 2023’s median retail price is off 6.4% year-on-year, from $4.08 per gram in November 2022.

Median retail prices for concentrates and extracts slipped a few cents to $15.97 per gram. Previously, they had held at $16.00 per gram for the fourth straight month in October. Median concentrate prices were also recorded at $16.00 per gram in November 2022.

Retail flower prices have declined and concentrate prices were flat year-on-year, while overall sales revenues were up in the same span, indicating expanding sales volume.

Oregon Cannabis Harvest Data

November 2023’s total harvest volume – encompassing indoor, outdoor, and mixed light licensees – was 670,257 pounds of wet weight, down 36.6% from November 2022’s total harvest of 1,057,107 pounds.

A breakdown of November harvest data by producer type is as follows:

  • November 2023’s indoor harvest was 228,552 pounds of wet weight, up 0.4% from 227,658 pounds in November 2022.
  • November 2023’s mixed light harvest was 110,207 pounds of wet weight, down 38.9% from November 2022’s mixed harvest of 180,243 pounds.
  • November 2023’s outdoor harvest was 331,498 pounds of wet weight, down 48.9% from 649,207 pounds harvested in November 2022.

Cumulative harvest totals from July through October can better gauge how seasonal outdoor production in 2023 stacks up against prior years.

  • From July – November 2021, outdoor growers harvested 6,212,299 pounds of wet weight.
  • From July – November 2022, outdoor growers harvested 5,263,239 pounds of wet weight, down 15.3% year-on-year.
  • From July – November 2023, outdoor growers harvested 5,293,249 pounds of wet weight, up 0.6% year-on-year.

  With November 2023’s harvest data accounted for, the numbers show that the volume of sun-grown product harvested in the summer and autumn this year was comparable to last year. October 2023’s roughly 15% year-on-year harvest volume increase discussed last month was largely due to timing, which was impacted by weather in 2022; specifically, a cold, wet spring forced outdoor growers to plant later than usual.

Still, in an oversupplied market, steady levels of production combined with modest sales volume growth means that oversupply will persist going into 2024.

Oregon Wholesale Cannabis Price Analysis

The recent downturn in Oregon’s aggregate spot wholesale flower price has been driven primarily by notable declines in prices for indoor and greenhouse flower. Outdoor flower, on the other hand, has seen a modest downtrend from late October, with prices for the grow type in recent weeks holding at levels higher than those observed earlier this year.

While outdoor flower prices are holding firm for the time being, awareness of the fact that this year’s fall harvest is just as large as last year’s may be working to drive down rates for indoor and greenhouse flower. With plentiful fresh outdoor product on the market, buyers may have regained some power relative to just several weeks earlier, when many expected this year’s crop to come in significantly lighter.