Sales of legal cannabis in California declined in 2022, according to a new report from the state’s Bureau of Cannabis Control. The report found that sales of cannabis in the state fell by 7.8% compared to the previous year, with the largest decline seen in sales of flower and pre-rolls.
The decline in sales is believed to be due in part to the ongoing COVID-19 pandemic, which has impacted many industries over the past two years. In addition, high taxes and regulations on the industry in California are also seen as potential factors contributing to the decline in sales.
Despite the decline in sales, California remains one of the largest cannabis markets in the world, with sales still totaling over $6 billion in 2022. The state’s cannabis industry is also expected to rebound in the coming years, as more states move to legalize cannabis and the industry continues to mature and adapt to changing market conditions.
The decline in sales in California highlights the need for continued efforts to support the growth and development of the legal cannabis industry, including efforts to reduce taxes and regulatory barriers that may be limiting the industry’s growth. With the right policies in place, the legal cannabis industry has the potential to be a significant contributor to the economy and a source of new jobs and tax revenue for states and municipalities across the country.
