Montana's Recreational Marijuana Sales Reach $13M In February Alone

Montana’s recreational marijuana industry posted around $13 million in sales between January 31 and February 27, according to the state Department of Revenue, reported Daily Montanan. Although local cannabis businesses owners expected low foot traffic as February approached its end, they were impacted by the affluence of customers who spent $3.4 million in the last week of the month.
On top of the 20% statewide retail tax on recreational marijuana, which has generated $5.2 million in the last two months, some localities have imposed a 3% excise tax.

J.D. “Pepper” Petersen, the head of the industry group Montana Cannabis Guild, cautioned cannabis businesses against treating the market’s first two months as a trend. In fact, he said he's expecting sales to spike in the summer.

Petersen added that some businesses have struggled with the cannabis supply chain of value-added products like edibles and vape cartridges.

Jerry Spurlock, owner of Firefly dispensary in Missoula, saw 20% increase in sales in February. “I think summer is where we’re really gonna be nervous,” he noted. “That’s really gonna tell the tale as to whether or not we have a shortage.”

Spurlock is more concerned about forthcoming regulations on cannabis packaging and testing and how quickly growers can ramp up production before new marijuana businesses join the market.

The sale of recreational marijuana in Montana increased slightly in February, while medical marijuana sales declined compared with January's numbers, according to NBC Montana.

As reported by MJBizDaily, the revenue department’s figures for 2022 show that recreational marijuana sales accounted for almost $27.7 million, while medical marijuana sales added another $19.5 million,

Jan-Feb combined generated $5.1 million in taxes on recreational cannabis sales, according to the revenue department's Cannabis Control Division. “State fiscal analysts projected last year the market would reach $130 million in recreational cannabis sales by the end of 2022,” reported the Helena Independent Record.

Image By Ilona Szentivanyi.

Market News and Data brought to you by Benzinga APIs

To add Benzinga News as your preferred source on Google, click here.