Cannabis Sales Lower Than Expected in First Year of Legalization

In the first year of legal recreational cannabis, California’s total sales were less than half what was estimated.

According to the state, total recreational sales in 2018 were about $1.2 billion. Sounds like a high number, but experts estimated sales to be at $2.5 billion in the first year.

Matt Karnes with GreenWave Advisors told Benzinga part of the problem is a thriving illegal sales market.

Karnes isn’t worried, however, adding “as the state works through its ‘growing pains’ with respect to licensing procedures and as final regulations are implemented, we expect an acceleration in revenue growth for 2019 and beyond to reach its full potential of $6.5 billion by 2022.”

Read more at Benzinga


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Policy

Tuesday, August 20, 2019 - 19:06

The Pleasant Hill City Council approved an ordinance Monday that will ban all commercial marijuana businesses, while allowing a maximum of two medical delivery services. The vote was unanimous.