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In November 2022, voters in Missouri approved the legalization of adult-use cannabis, and recreational cannabis sales finally started on Friday, Feb. 3.
With all eyes on Missouri, data analytics firm Headset issued its first report on the state’s first weekend of recreational cannabis sales as well as predictions for the market.
Highlights
- From Friday to Sunday, an average dispensary in Missouri brings in about $23,000.
- With the addition of adult-use sales, stores are bringing in about $70,000 — 3x the average amount.
- With adult-use available, the average dispensary went from having about 90 people a day to 250 people a day.
- Missouri recently brought in more money than 10 other legal adult-use markets including California, Washington, Colorado, and Oregon.
“When looking at the weekend periods over the last six months, an average store would expect to bring in roughly $23,000 in revenue from Friday to Sunday. With the addition of adult-use sales, an average store this past weekend clocked in at $70,000-plus in revenue. That is a greater than 3x increase,” reported Headset.
Sales Composition And Inventory
When it comes to retail revenue, Headset reported “increases can only come from three categories: the item price, number of units, and/or receipt count.”
“Either customer are buying more expensive products (item price), they are buying more products (number of units), or there are more customers shopping (receipt count),” states the report. “We can attribute the increased revenue almost entirely to the receipt count.”
Headset also found that the average item price and average units per transaction “have stayed flat when compared to the medical days, $77.90 and 2.9 respectively.”
However, the number of customers visiting a dispensary each day has “skyrocketed from 92 to 251.” “The first week of adult-use sales saw a record number of items go out of stock, indicating that demand is outpacing supply,” per the report.
Photo by Jake Allen on Unsplash.
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Image and article originally from www.benzinga.com. Read the original article here.