NECANN’s Cannabis Finance Summit partner surveys the retail landscape
Talking Joints Memo has been close to the team behind the New England Cannabis Convention since its inception in 2015, and are excited to be partnering with NECANN on a special glossy print magazine in honor of the 10-year anniversary in 2024. The publication, which will be free to Boston convention attendees on a first-come, first-served basis, will feature everything from photo galleries and highlights from the past decade to editorials, interviews, and columns like this one from Green Market Report which is partnering with NECANN for this year’s Cannabis Finance Summit.
The West Coast may have been the pioneer in regulated cannabis, but with the Northeast embracing the industry, the Atlantic states are poised to become market leaders. It’s a shift that many, including Green Market Report, have been waiting for.
This new chapter in cannabis has also led to new partnerships, like ours with NECANN Boston. Among the sea of booths showcasing innovative products and services, 2024 also brings the award-winning journalism of GMR together with the successful must-attend New England Cannabis Convention.
Green Market Report has kept tabs on the emerging industry since its founding in 2017 in New York. And now that most of New England has legalized cannabis in some form or another, we’re watching how the markets are performing. In short, while states with smaller populations are expected to have the lowest total sales, currently the region’s largest state—New York—is lagging.
With more than half-a-decade of adult-use sales under its belt, Mass is the clear leader, having reached the billion-dollar mark in just two years. But New Jersey, in second place, is quickly growing, and Connecticut is also making up for lost time and posting impressive figures.
We reviewed reported sales for 2023 in our attempt to forecast what is next for the East Coast.
Massachusetts
The first Bay State adult-use dispensaries opened in November 2018, and the state has reported $3.9 billion in total gross sales since. In 2023 alone, the Mass cannabis industry produced sales of more than $1.7 billion, according to state figures. Adult-use sales were the bulk of the market, comprising $1.5 billion from January 2023 through New Year’s Eve. Medical sales, meanwhile, hit $233 million.
Connecticut
Adult-use sales in Connecticut began in January 2023, and cannabis purchases collectively moved about $122 million worth of product in just six months. Green Market Report wrote that Connecticut shops hit more than a quarter-million dollars in sales on the first day of real operations, when seven dispensaries opened to the general public. Total combined sales since that launch have shot to $274 million—an estimated $144.7 million for recreational sales, and $129.2 million in medical sales.
Maine
Regulated recreational retailers in Maine sold $1.4 million worth of cannabis in the first month of legalization in 2020. The following year, annual sales rose to $81 million, and by 2022, to $158 million. Maine’s adult-use sales continue to climb, but competition is also growing. Despite sales hitting $217 million in 2023, a 36% increase over the previous year, there are fears that market saturation will lead to the closure of some businesses.
Vermont
Vermont legalized recreational sales in October 2022 with just four shops; now, the state has roughly 70 stores. By the end of May 2023, cannabis had produced $5.5 million in tax revenue—more than the liquor and wine tax of $4.7 million. One unique aspect of the state’s program is that license holders are limited to one store. Vermont has yet to publish full-year tallies, but by last October, 2023 sales had reached $67 million, bringing in more than $9.4 million in taxes. The market is expected to eventually top $120 million annually.
New Hampshire
Only medical cannabis is legal in the state of New Hampshire despite being completely surrounded by legal states. Adult use is decriminalized, but there are no recreational products available. However, members of the state’s House of Representatives recently advanced legislation to legalize the adult use, production, and sale of cannabis. The bill provides a framework for the establishment of 15 retail facilities, and must now make it through the House Finance Committee before moving to the New Hampshire State Senate.
New York
New York kicked off its adult-use sales program with a focus on social-equity applicants, which resulted in a much smaller rollout than had been expected. Sales are expected to continue to grow as more licensees get their businesses up and running, but in 2023, the state recorded only slightly more than $137 million in retail sales.
New Jersey
Adult-use retail only launched in the Garden State in April 2022, but demand was brisk out of the gate. Recreational sales for the first three months totaled just under $80 million, eventually topping $670 million in 2023, while medical sales almost cleared the $100 million mark during the first three quarters of last year.
In Closing
Against the backdrop of a changing world, a new chapter in the story of cannabis has begun—one marked by collaboration, innovation, and endless potential. With partnerships like the one between Green Market Report and NECANN leading the way, the future’s looking brighter than ever before.
