July 4 Jane reports 32% increase in recreational marijuana sales

Jane, a leading provider of digital solutions in the cannabis industry, reported a significant increase in cannabis sales on July 4. Total recreational-only sales increased by 32%, from $3.5 million in 2023 to $4.7 million in 2024. Notably, stores operating on both July 4, 2023 and July 4, 2024 saw a 21% increase in sales.

Additionally, as of Wednesday, July 3, total recreational-only sales reached $7 million, indicating a pre-holiday shopping trend.

Overall, Independence Day is one of the most important days of the year for the industry.

Top 5 Jane’s 2024

According to data provided by Jane to Benzinga, the states with the highest sales of recreational and medical supplies on Independence Day were: Illinois, Pennsylvania, Maryland, California, AND Florida. These states have shown solid market growth and consumer demand, reflecting broader trends of acceptance and legalization. The top five products driving these sales are:

  1. Flowers
  2. Vaporizers
  3. Food
  4. Pre-rolled
  5. Extracts

Also read: Michigan Beats California in Legal Marijuana Sales: Why Is the Golden State’s Cannabis Industry Losing Its Luster?

2024 Leading States

In 2024, several states saw significant increases in marijuana sales.

  1. Michigan: Michigan has become the leading state in cannabis sales, surpassing California in unit sales for the first time. In March, Michigan sold 22 million cannabis products, compared to 21.3 million in California. The growth is being driven by lower cannabis prices and strong enforcement against illegal operations, making them more accessible to consumers. Michigan’s cannabis market is expected to generate more than $457 million in tax revenue in 2023.
  2. New York: The New Jersey marijuana market is booming, with significant increases in sales, especially during major events like 4/20. This growth comes despite challenges related to market saturation and pricing pressures. The number of retail locations is also growing at a steady pace.
  3. Illinois: Illinois continues to see marijuana sales growth, with May sales reaching $146.2 million, up 10.1% year-over-year. Despite a slight decline in daily sales compared to April, overall sales trended positively, contributing to $709 million in cumulative adult-use marijuana sales this year, up 9.4% year-to-date.
  4. Canada:In March 2024, the Canadian cannabis market saw sales increase by 7.1%, reaching approximately $310.5 million. This growth is part of a broader trend, with total sales in 2023 increasing by 12.5%.

The states mentioned above complement traditional U.S. markets such as California and Washington, which peaked in 2023 and are expected to see reduced overall volume this year.

Image generated with Dall-E.

Market news and data provided by Benzinga APIs