With three months of data left to be examined, the state of Arizona has reportedly generated more than $1 billion in cannabis sales in 2022. The state’s ability to meet this mark has been met with a bit of disappointment. Data examined by the Arizona Mirror indicates that the state’s medical market generated $31 million in sales throughout September, a 12% drop from August. Similarly, the state’s recreational market generated $75.3 million in September, a $2 million drop from August. Despite declining sales, industry experts warn entrepreneurs and consumers not to compare the sales of today to those of 2020 or 2021. Many experts believe that sales were largely boosted by the initial legalization of recreational cannabis and the COVID-19 pandemic.
“Certainly when you compare [current sales] to last year, you’re seeing drops,” Arizona Dispensaries Association President Ryan Hermansky told the Arizona Mirror.
“Last year was inflated due to the ‘unicorn year’: We had a really exciting, skyrocketing year that’s coming down to Earth a little bit. I think we’re going to see more steady, traditional growth over the next several years.”
Moving forward, the cannabis market will not only flourish in Arizona, but it will likely flourish across the country. With the launch of recreational markets in major markets like New Jersey, New York and Maryland, industry forecasts estimate the U.S. cannabis market will grow to $45.8 billion by 2025.