The new Cannabis Ventures offers readers this easy reading of BDSA’s Cannabis for 15 monthly data states.
In September, the sale of Cannabis decreased by 4.3%, which decreased by 1.1%. In this review, we share the results by the state, from Western markets, then concluding with the Eastern markets. In total, BDSA estimates that the sale of $ 2.06 billion in the 15 markets amounted to 7.1% a year ago. Excluding the great interest in New York, which I explain below has increased by 1.2%. It should be noted that BDSA has historically reviewed the data of Florida and Pennsylvania.
Western markets
BDSA provides coverage for Arizona, California, Colorado, Nevada and Oregon. In September, in 3 countries, there was negative growth at the end of the year. Growth was successively fell on a successive basis in three of these countries.
Eastern markets
BDSA provides coverage of Florida, Illinois, Maryland, Massachusetts, Michigan, Missouri, New Jersey, New York, Ohio and Pennsylvania. In September, the growth of a new jersey in New York was fluctuating from 4.9%, and the sale of its adults, which included BDSA from January, but first became a few months ago. Ohio started adult’s use in August, which stimulated the growth. It should be noted that in Florida and Pennsylvania are medical markets. The sequential growth was smooth in two markets and more negative markets and fell in these three markets on the basis of the day. The annual growth remained except for two states. We warn about Florida, which can be slowed down, despite the strong growth of the dispensary and due to competitive pressure, and it fell at the beginning of this year after the annual fall.
For readers who are interested in a deeper form Cannabis markets in these fifteen countries And moreover, including additional product categories, brand and product details, longer history and product features, learn how BDSA solutions can provide you with actions and analysis.
Based on the Houston, Alan cries out his experience as the founder of the online community 420 InvestorThe first and still the biggest decent diligent platform focused on the shares sold in the cannabis industry. Alan continues to find new ways to connect industry and facilitate its sustainable growth in the Canepuni community. Approximately New hemp enterprisesHe is responsible for content development and strategic alliances. Until the early 2013 focuses on the cannabis industry, Alan, who began his career in Wall Street, worked as more than two decades of research and portfolio. Article 650 of the Article 650 published in 2007 Looking for alphaWhere he has 70,000 followers, Alan is a frequent speaker for industry conferences and a Frequent source The media, including NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Ration | Facebook | Connection | Email
Each week, the Florida Office of Medical Marijuana Use (OMMU), part of the state Department of Health, releases data on the state’s medical cannabis program, including the number of active patients, the number of qualified physicians, new dispensary approvals and updates for each operator. That data includes the number of weekly dispensaries and unit sales. This is the fifteenth New Cannabis Ventures monthly update on the Florida medical cannabis market. We also published a newsletter about the state in May 2024, offering readers be careful with florida. This article is based on update provided 12/05 by the state for the week ending 12/04. Readers interested in further data may visit OMMU update page.
Patient growth has slowed
We last updated on the Florida market in October, and year-over-year patient growth fell to 4.6%, down from 8.4% at the end of May a year ago. The growth rate picked up slightly from March, when it fell to just 3.0%, to 5.5% at the end of October. Annual growth has slowed again and it fell last week, ending 12/04 at 4.5%. It has dropped a lot.
Although the number of patients is still increasing, the increase is very low and has decreased significantly from just a few years ago. 930 thousand patients make up 4% of the population of the state. The number of cases was declining before the potential legalization of adult use, but has recently increased slightly to a new high;
2024 ended with about 895,000 patients, and the growth since then was 4.0%. This works out to 4.3% annual growth, which is better than the 3.5% growth in 2024, but well below the 11.0% growth in 2023.
Over the years, some program improvements have helped Florida residents get excited about the medical cannabis program, which now has smokable flower and edible products. Then, the post-epidemic population boom helped increase the number of patients. Outpatient clinics have increased, reaching 735 from 699 a year ago. That’s a 5.2% increase, slightly faster than the 4.5% increase in medical cannabis patients since then. Looking at the changes since the end of 2024, outpatient clinics that are open increased by 4.7%, while the number of patients increased by about 3.9%.
Unit growth remains very strong
In the last week, unit sales of medical cannabis products with THC were up 15.9% from a year ago. Smokeable flower units expanded 12.8% from the week ending 12/05/24. Unit volume growth remains higher than revenue and patient gains. There are more stores and the volume of units is increasing.
We shared that Florida’s income grew just 1.4% from a year ago in April 2024, BDSA estimates. This was a record low at the time, but all historical data was revised by the BDSA for September. April 2024 growth is now reported at -40.8%, which seems a long way off. We contacted BDSA and they confirmed this revenue estimate as the 2021-2025 total is now much lower. Looking at revised 2025 data, Florida sales growth as projected by the BDSA has been volatile, with month-over-year growth ranging from -6.8% (April) to +17.2% (June). It increased by 0.4% in the third quarter compared to the third quarter of 2024, and it decreased by 2.6% in November. Patient growth and dispensary growth led to unit growth, but overall sales were down year-over-year.
Florida MSOs are weak
We warned readers on May 17, 2024 about large MSOs in Florida because investors seemed overly bullish. The entire cannabis market has been in turmoil since then, and the entire group of IPOs is down sharply, especially after the defeat of the adult-use ballot initiative in November. All four Florida leaders are down significantly though 10/09/25, especially AYR Wellness, which has been betting big on its operations in the state;
The overall sector, as measured by the NCV Global Cannabis Stock Index last night at 6.12, is down 43.5% since 12/05, and the NCV American Cannabis Operator Index, which currently has eight members and closed at 10.15, is down 51.0%. All of Florida’s 4 dropped more than both. MSOS, which has Curaleaf and Trulieve currently 48.7% of the ETF, is down 60.2% since 5/16/24. Planet 13, an acquisition that made them a major player in Florida, dropped 70.8%, better than two of Florida’s four leaders.
Thirteen months ago, many expected Florida to legalize cannabis for adults, and operators were expanding the number of dispensaries. Although a majority of Florida voters approved adult use, the measure failed to receive the 60% required to change the law. There were more dispensaries in 2025, in part due to the completion of plans that were in place before adult-use legalization failed. The market is struggling with slow patient growth, dispensary growth and competitive issues (like sales of cannabis-derived THC). The result was flat revenue despite strong unit growth.
Investors were disappointed that Florida voters failed to pass an adult legalization ballot initiative, and they likely won’t be happy with a mature medical market that is slowing and becoming more competitive. Florida will probably legalize it for adult use in 2026, but that’s a long time away. Investors, in our view, should be wary of Florida’s major operators, especially the two that are in business through 2025.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
New Cannabis Ventures offers readers this easy-to-read exclusive summary of BDSA’s 15-state monthly cannabis sales data.
Cannabis sales fell 0.3% sequentially in November, which was up 3.0% on the day. In this review, we break down the results by state, starting with the western markets and then ending with the eastern markets. Overall, BDSA estimates sales in 15 markets totaled $1.80 billion in November, up 4.2 percent from a year ago, driven by strong growth in New York. BDSA updated its Illinois numbers after the state recently changed the way it counts sales.
Western markets
BDSA provides coverage for Arizona, California, Colorado, Nevada and Oregon. In November, the annual growth was negative in 4 provinces. In none of these states did daily growth fall sequentially.
Eastern markets
BDSA provides coverage for Florida, Illinois, Maryland, Massachusetts, Michigan, Missouri, New Jersey, New York, Ohio and Pennsylvania. Annual growth in November ranged from -25.3% in Illinois to +1,370.7% in New York, whose adult-use sales have been included by the BDSA since January but were first included a few months ago. Ohio began using adults in August, spurring growth. Note that Florida and Pennsylvania are medical markets only. Sequential growth was stable in most markets and negative in one market. Annual growth was negative in several markets and increased sharply in two states. We had been warning of a potential slowdown in Florida despite strong dispensary and unit volume growth due to competitive pressure, and it has now declined for three months this year.
For readers interested in a deeper look hemp markets in these fifteen states and more, including segmentation by additional product categories, brand and product details, longer history and segmentation by product attributes, learn how BDSA Solutions can give you access to actionable data and analytics.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
Illinois released sales figures for several months today. The last time it published data, it was Cannabis for adults in May. The paper today explains that the reason for the missing data was the Metrc transition. “Sales tracking features in Metrc help retailers more accurately and reliably report actual sales, including all discounts and promotions at checkout. A close look at past data shows that some initial discount prices have been collected in previous months.”
Statewide adult cannabis sales rose 7.5% sequentially to $113.1 million in October, up 4.0% on the day. Annual growth was -20.5%. Here is a chart of adult sales over time:
After growing 106% in 2021, 13% in 2022 and 5% in 2023, annual sales for adults are set to grow 5.4% to $1.72 billion in 2024. So far in 2025, they have decreased by 9.9 percent.
There hasn’t been an update from the state on medical cannabis in a while. The state exempts the sale separately from its medical plan, and April issue showed that sales fell 1.6% sequentially to $19.7 million, down 13.2% year over year.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
2024 ended with about 895,000 patients, and the growth since then was 4.0%. This works out to 4.3% annual growth, which is better than the 3.5% growth in 2024, but well below the 11.0% growth in 2023.
