Essential Cannabis Insights: June 2021

Essential cannabis monthly newsletter:

• Arizona market sets new standard for launch of adult-use — After passing the Smart and Safe act to legalize cannabis in November 2020, Arizona made a swift transition to an adult-use cannabis market. Adult-use cannabis sales began on January 22, 2021, with 73 of the 124 operating medical dispensaries approved for adult-use cannabis sales on that day. With sales launching just 80 days after the approval of cannabis legalization, Arizona has seen the fastest shift to adult-use cannabis of any market so far.
• US CBD sales pass $4 billion in 2020 — BDSA’s new forecast for CBD in the U.S. and Canada, released June 2021, estimates sales of CBD products in the U.S. reaching just over $4 billion in 2020, an increase of 52% over the previous year. That is a slowdown versus the 82% growth seen in 2019, but comes along with a pandemic that refocused consumer attention away from growing trends toward essentials — such as to bulk goods, frozen foods, immune supplements, and similar quarantine fare.
• 4/20 recap — As the biggest cannabis related holiday, 420 (April 20th) usually brings with it some of
  the highest cannabis sales of the year. While 420 brought its usual uptick in sales in 2020, Covid-19 lockdowns did lead to slower than normal sales, as many consumers stocked up on cannabis in March when stay-at-home orders were put into place. 2021 was another story, as the holiday saw an impressive spike in daily sales across BDSA tracked markets, with some states setting new records for daily dollar sales.