BDSA‘s October 2024 data highlights Maryland as the fastest-growing state for cannabis sales, with a year-to-date (YTD) increase of 57.8%, totaling $942.2 million. 

Maryland’s impressive performance within BDSA’s tracked markets cements its place as a key emerging state in the cannabis industry.

Ohio followed with a 30.9% growth, reaching $522.6 million, while New Jersey achieved a 24.6% increase, amounting to $805.7 million in YTD sales.

Green Thumb Industries GTBIF, Curaleaf Holdings CURLF, Trulieve Cannabis Corp. TCNNF, Cresco Labs CRLBF, and Verano Holdings VRNOF are publicly traded multi-state operators with active operations in both Ohio and Maryland, supporting the cannabis industry’s growth in these states.

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Struggling Markets

States with established cannabis markets are grappling with significant downturns. Arizona saw a 12.9% decrease in YTD sales, generating $989.8 million, while Colorado, another mature market, reported a 9.5% drop, totaling $1.18 billion. 

Even California, the leader in total sales with $4.16 billion YTD, experienced a 3.6% decline, underscoring challenges faced by long-established markets.

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Monthly Shifts

While year-to-date trends provide long-term insights, monthly data reveals shorter-term momentum shifts. According to BDSA, Missouri leads recent growth with a 4.9% month-over-month (MoM) increase, totaling $123.3 million. 

Arizona, despite its YTD struggles, achieved a 4.4% MoM rise to $93.1 million. Conversely, Michigan recorded the steepest monthly decline, dropping 7.7% to $246.3 million, followed by New York with a 7.3% decrease, ending at $11.1 million.

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