Connecticut Cannabis prices fall as sales increase
The average Connecticut price per gram of cannabis continued to decrease in October. While the data from last month marks the fourth straight month where prices have fallen, the number of adult-use products sold last month increased, continuing a mixed trend.
The average price per gram of cannabis, which includes both the prices of adult-use products and medical marijuana products, has been declining since May, when it cost $12.16 per gram, according to data collected by the Department of Consumer Protection. That price remained the same the following month and has declined each month since, with cannabis costing $11.21 per gram on average in October.
The average price per product for adult-use products also declined in October, falling from roughly $38.90 in September to $38.50 last month. The average price per product for medical marijuana increased slightly, from approximately $34.40 in September to $34.50 in October.
While the price per gram has continued to decline, the number of sales per month has varied. In October, sales of adult-use cannabis increased over the previous months by roughly $1 million. In September, approximately $16.6 million of adult-use products was sold. In October, approximately roughly $17.3 million of products sold. However, both numbers are down from August, when the state sold nearly $18 million worth of adult-use products, marking the best month for adult-use cannabis sales since they became legal in January 2023.
The sale of medical marijuana products has been declining more steadily, with October marking a new low in the amount of sales, at approximately $6.8 million.
Despite the decrease in the price per gram of cannabis, and increased sales for adult-use products, the number of products, both adult-use cannabis and medical marijuana products, decreased in October. The number of products sold in both categories has been declining since August. Last month, there were approximately 398,000 adult-use products sold and 173,000 medical products.
Despite the increase in sales, Connecticut’s adult-use cannabis sales continue to be outpaced by neighboring Massachusetts. Massachusetts sold $32 million worth of adult-use products last week alone, surpassing Connecticut’s sales for the entire month of October. While it has not released complete statistics for the month, the state has reported $60 million in adult-use sales to date.
While data on the average price-per-gram for retail products is not available for October, Massachusetts’ prices have been well below Connecticut’s, at just $4.85 in September.
Connecticut’s sale numbers do outpace Rhode Island, which sold $7.87 million worth of adult-use products in October.
