Connecticut Cannabis Prices Fall But Sales Decline Amid Market Challenges

Connecticut's adult-use cannabis market is experiencing a decline in retail prices, yet this has not translated into increased sales, according to recent state data. In November, the average price for a gram of cannabis dropped to $7.94, down from $8.43 in October. Despite the price decrease, Connecticut's retail prices remain significantly higher than those in neighboring Massachusetts, where consumers pay an average of $4.01 per gram

The state's cannabis market, which began adult-use sales in January 2023, saw prices peak at $12.51 per gram in March 2024. However, the current trend of falling prices has not spurred the expected increase in sales volume. In November, combined medical and adult-use cannabis sales in Connecticut reached $23.9 million, a slight decrease from $24.6 million in October, according to the state Department of Health and Human Services

The number of cannabis products sold also fell, from 597,200 in October to approximately 592,300 in November. This decline in sales and product movement suggests that despite lower prices, consumers are not purchasing more cannabis products. Annual sales in 2024 have surpassed $290 million, but without a significant boost in December, Connecticut's legal cannabis sales are on track to decline year-over-year

Comparatively, Massachusetts, with a population more than twice that of Connecticut, also experienced a drop in sales from $141.6 million in October to $135.2 million in November. However, Massachusetts maintains a stronger market presence than Connecticut. Additionally, Connecticut consumers face a unique potency tax on THC content, further complicating the market dynamics and potentially impacting consumer purchasing decisions