Connecticut Cannabis sales hit record high at six-month mark
Connecticut smashes sales records as Cannabis industry flourishes: multi-state operators vie for hybrid licenses.
Combined medical and adult-use cannabis sales in Connecticut hit another record high for the state in June, and multi-state operators are moving in to obtain hybrid licenses, including Acreage Holdings, Green Thumb Industries, and Verano Holdings, with more on the way.
Connecticut’s Department of Consumer Protection (DCP) announced on July 10 that state data shows combined sales for adult-use cannabis and medical cannabis reached nearly $24 million for the period spanning from June 1, 2023 to June 30, 2023.
Both forms of cannabis are selling at a fairly similar rate: The adult-use cannabis market in the state recorded $12.5 million in sales during the month of June, while the medical cannabis market recorded $11.3 million in sales during the same period.
The announcement came seven months to the day after adult-use sales began on Jan. 10. Since sales first began in January, the total amount of Connecticut cannabis purchases totals to approximately $122 million.
In June, patients in Connecticut purchased 303,293 medical cannabis products, and consumers purchased 313,510 adult-use cannabis products. The average product price for medical cannabis patients was $37.43 in June, while the average price of adult-use products was $40.00. The DCP also released new data showing more specific information about the types of products sold in dollar amount. The data spans during the first six months of sales and will continue to be updated monthly in addition to all previously available data.
In the first six months of sales, 53 percent of sales were flower, while vapes made up 25 percent, and edible products made up 10 percent of sales. This data was collected through the state’s seed-to-sale tracking system.
Companies are moving into the fresh new adult-use state market.
Companies Expand Into Connecticut
Verano Holdings—with operations spanning 13 U.S. states, 14 production facilities, and over 1,000,000 square feet of cultivation capacity—announced the opening of Zen Leaf Norwich, its first social equity joint venture location in Connecticut and third cannabis dispensary statewide, on Friday, July 14.
Connecticut Foodshare, Global City Norwich, the Greater Norwich Area Chamber of Commerce, the Norwich Branch of the NAACP, the Norwich Community Development Corporation, and the City of Norwich participated in the new Zen Leaf location’s opening.
“We’re excited to see consistent month-over-month growth in cannabis sales in Connecticut and anticipate seeing an increase in sales as additional social equity joint venture dispensaries open across the state,” says Verano Executive Vice President James Leventis.
He continues, “These monthly gains highlight the growing success of the cannabis industry in Connecticut and its overall impact on both the economy and local job creation, but also the growing acceptance and demand for high-quality, legal cannabis products. We’re looking forward to opening Zen Leaf Norwich on July 14, our first social equity joint venture location in the state, followed by Newington and four additional locations in the near future.”
Verano opened dispensaries nearby in Meriden and Waterbury, and CTPharma, a state-of-the-art, 217,000 square foot cultivation and processing facility in Rocky Hill.
Consumers at dispensaries in Connecticut can buy up to a quarter ounce of flower or the equivalent for all adult-use cannabis purchases. Medical cannabis patients can purchase up to 5 ounces per month and there are no individual transaction limits.
To learn more about Zen Leaf locations opening up in Connecticut, visit the website.
