Massachusetts Cannabis Sales Projected to Surpass $1B in 2024
BDS Analytics launches retail sales tracking in Massachusetts.
BDS Analytics has launched adult-use and medical cannabis retail sales tracking in Massachusetts.
The initial launch of this data includes topline-category level coverage of retail sales between October 2019 and February 2020.
Massachusetts retail cannabis sales exceeded $587 million in 2019, and the analytics firm expects the Massachusetts market will reach $1.35 billion in 2024, rising at a CAGR of 18.1% from 2019. Consumers spend an average of $140 a month on cannabis products
Massachusetts’ adult-use sales launched Nov. 20, 2018. As a result of the market's supply chain issues, product availability and variety has limited retailer and market growth. However, in 2019, the first full year of adult-use sales, the market saw consistent month-to-month growth. Between October 2019 and February 2020, adult-use sales reached $247 million, while medical sales reached $55 million.
Though it is home to 6.9 million residents, the Massachusetts market has only 36 adult-use dispensaries and 57 medical dispensaries in current operation.
BDS Analytics says the launch of the Massachusetts market is indicative of the growth of the national cannabis industry as well as the importance of East Coast markets for growing brands.
Cannabis Products Magazine consistently features IRI and BDS Analytics Retail Sales Tracking data in its product development analysis.