September Sees 12% Decline in Connecticut Marijuana Market

11 October 2024

Connecticut’s cannabis market faced a sharp 12.3% decline in September 2024, with total sales dropping from $25.7 million in August to $23.4 million. The state’s recreational cannabis sales decreased by 7.6%, while medical marijuana sales fell by 10.9%, according to data from the Connecticut Department of Consumer Protection (DCP). Key factors behind the decline include reduced prices, fewer days in the month, and increasing competition from neighboring cannabis markets in Massachusetts and New York.

A Connecticut-based cannabis dispensary owner noted that September sales fell below expectations, even after accounting for seasonal adjustments. The average price per gram decreased from $12.16 in August to $11.61, influenced by promotional pricing and an oversupply in neighboring states where competition remains strong. Additionally, the expanding legal cannabis market in nearby states is providing consumers with more options, drawing some customers away from local dispensaries.

This sales slump underscores challenges for Connecticut’s cannabis retailers and medical marijuana patients, who may face limited product variety compared to more mature markets. Experts highlight the need for increased product diversity, operational efficiency, and regulatory alignment with neighboring states to remain competitive. The decline also raises questions about the impact of Connecticut cannabis laws and taxation policies on the industry’s ability to sustain growth.