Welcome to the seventh annual “State of the State” post on Oregon cannabis. For the first year since program launch, regulated cannabis sales fell in the state. We also saw significant legislative and regulatory changes, further contraction of the hemp industry and a myriad of interesting odds and ends. Overall, it has been a rocky ride (see: Tough Times in Oregon Cannabis). Let’s get to it.
Sales and prices fell
Last year at this time, I observed that sales had begun to decline, notwithstanding the record high of $1.184 billion that Oregon clocked in 2021. For 2022, based on Oregon Liquor and Cannabis Commission (OLCC) sales data through November, we are projected to land slightly under $1 billion. Pandemic and stimulus tailwinds are well in the rearview: it seems that near-term growth may be limited to select SKUs and product categories. Today, about half of all sales are flower, followed by: 25% in concentrate/extract; 13% edible/tincture; 5% inhalable; then “miscellaneous” categories.
In addition to decreased volume, prices are through the floor. We have been sitting at a median of $600 per wholesale per pound for the past few months. That’s a big dip from $900 per wholesale pound in December
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