Connecticut’s Cannabis Market Sees Record $25M Sales in August

14 September 2024

Connecticut's cannabis market reached a noteworthy milestone as total sales of medical and adult-use cannabis surpassed $25 million in August 2024, according to the Connecticut Department of Consumer Protection. Sales of adult-use cannabis drove the growth, generating $14 million—the highest monthly revenue since recreational cannabis was legalized in January 2023 under Public Act 21-1, Connecticut’s cannabis regulation framework. Medical cannabis sales, after months of decline, rebounded to $11 million. This growth reflects the seventh consecutive monthly increase in adult-use sales and underscores the rapid expansion of Connecticut’s legal cannabis industry.

Connecticut set new records in product sales, with 467,000 adult-use items and 278,395 medical marijuana products sold. The average price per gram of cannabis also saw a slight decrease, dropping to $11.61, making it more affordable for consumers. Participants in the state’s Medical Marijuana Program, who are not subject to marijuana taxes, experienced a slight increase in their purchasing activity.

Despite these achievements, Connecticut’s marijuana business still trails neighboring states such as Massachusetts, which reported $137 million in adult-use sales for August, with lower average prices of $5.06 per gram. However, the introduction of Connecticut’s Social Equity Council programs and ongoing regulation under the DCP positions the state as a burgeoning player in the Northeast cannabis market, with significant opportunities for growth.