Mid Year Cannabis Sales Numbers & Second Quarter Earnings

Second Quarter earnings have been reported by some of the biggest cannabis companies. Most are showing an increase in their numbers, but a few reported sales being down.

• Ayr Wellness  Total sales revenue was $91.3 million, down 1% from last year
• TILT Holdings  Total sales revenue was $47.1 million, down 2% over last year
• Planet 13  Total sales revenue was $28.4 million, down 13.5% over last year (although they still report having more than $50 million in cash on hand)

Some of those with increases in profit numbers included the following:

• Cresco Labs  Total sales revenue was $218 million, a 4% increase over last year
• Verano — Total sales revenue was $224 million, a 12% increase over last year
• Columbia Care  Total sales revenue was $129.6 million, an 18% increase over last year
• Ascend Wellness Holdings  Total sales revenue was $117.7 million, an increase of 20.7% over last year

Of these companies reporting increases, they each had at least $80 million in cash on hand a piece, with Ascend having the most, at $140.6 million in cash

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Total cannabis sales during the first seven months of the year were mostly positive across the country, but a few states saw declines. Most of the growth occurred in the new and emerging state markets.

For medical cannabis sales growth:

• Missouri: 174%
• Utah: 87%
• Iowa: 63%

For recreational sales growth:

• ​Maine: 159%
• Arizona: 64%
• Michigan: 57%
• Illinois: 20%

Some of the states which saw declines in their cannabis sales included well established markets where states are dealing with problems of overtaxation, over regulation, and too much supply. Those states, with at least a 20% decline in sales, include:

• California
• Colorado
• Oregon