State’s pot sales not meeting revenue projections, analyst says

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According to an analyst, California pot sales are falling below revenue projections for commercial cannabis.

Consumers bought an estimated $339 million worth of cannabis products from retailers in California in the first two months of its legalization. Those sales fall 13 percent lower than state projections, according to BDS Analytics of Boulder, Colorado.

The Sacramento Bee reports:  The state has estimated that retail cannabis sales for the remaining six months of this fiscal year would be $1.15 billion, or $383 million every two months.

The report continues: Greg Shoenfeld, vice president for [BDS Analytics] operations, said the company collects sales data from dispensaries and uses statistical modeling to project statewide sales. BDS Analytics also collects and analyzes such data in the three other states with recreational marijuana: Oregon, Washington and Colorado.

While this year’s California figures seem to support industry concerns about cannabis taxes and regulations, Shoenfeld said there are some important caveats to the data.

One issue: State and local governments are continuing to license more retail marijuana stores and sales will go up as a result. Another qualifier: Cannabis sales go up significantly in March in other states with legalized sales, perhaps because of warmer weather, Shoenfeld said.

 

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