DEA’s Potency Rule Threatens Viability of CBD Industry
August 30, 2020
August Numbers Show Sustained Post-COVID Sales Increase
September 8, 2020DEA’s Potency Rule Threatens Viability of CBD Industry
August 30, 2020August Numbers Show Sustained Post-COVID Sales Increase
September 8, 2020
- Increased cannabis sales are continuing since spikes in demand seen post-COVID-19 shutdowns.
- Despite a slight decrease from initial lockdown-related sales spikes in Q2-2020, average cannabis expenditures per user increased 17.4% year-over-year (YoY) from August 2019 to last month.
- States have seen a national average increase of 22.8% in average expenditure per user since the start of 2020.
- Flower and extracts have seen the largest increase in average purchase value, respectively growing 70.8% and 55.8% since Q1-2019.
- Tincture sales have waned since their peak popularity, deceasing 19.2% in average purchase value since Q1-2019.
- In the first three quarters of 2020, states have seen an average 34% YoY increase in average spending per user.
- Recreational states saw an average increase in spending per user of 28%, while medical-only states saw an increase of 39%.
- This growth was not limited to emerging markets. The four oldest adult-use markets (i.e., CO, WA, AK, OR) shared average growth rates of 30%.
