Happy Monday, everyone.

The Emerald Ledger (formerly known as Camino Verde) is rolling out a new series.

To pack more insightful information into an easy-to-read and digestible brief, the Emerald Ledger will begin releasing a new short series called the Market Minute. The Market Minute will offer a one-minute (OK maybe two-minute) read on a new state each week (at least), covering retail sales performance, category trends and recent industry news every Monday.

Today, we’ll start with my home state of Massachusetts.

Market Performance

• Total Sales: Massachusetts has crossed over $1.6B in total sales in 2024 and $7.2B since legalizing in 2018.

• Highest Monthly Sales: August 2024 stood out with nearly $148 million, the most it. It sets the Commonwealth as the 5th largest US market size by monthly retail sales.

• February Lulls: Each year shows a dip in February (e.g., $109.99M in 2022, $115.32M in 2023), indicating a recurring seasonal low.

• Biggest Month-to-Month Leap: Sales jumped from $115.32M in February 2023 to $129.92M in March 2023—an increase of over $14 million in just one month.

• Consistent Year-Over-Year Growth: January sales rise from $112.62M in 2022 to $120.57M in 2023, then to $127.92M in 2024, highlighting steady long-term expansion.

Category Trends

• Flower Still Dominates but Declines YoY
  At $55.87M, flower remains the single largest category (over 40% of December’s $133.86M total). However, its -7.5% year-over-year (YoY) change indicates it’s losing share even as total monthly sales continue to rise.

• Vapes on the Upswing
  Vapes come in second at $27.99M—about 21% of the total—and show a modest +5.1% YoY increase. This suggests a gradual shift away from flower toward more discreet consumption methods.

• Tincture & Sublinguals Growing the Fastest
  Despite only making up around 1% of sales ($1.18M), tincture & sublingual’s 13.5% growth is the highest YoY among all categories. While still a small slice, it could be an emerging trend as consumers experiment with alternative intake methods.

Recent News

• CCC Executive Director Search: The state’s Cannabis Control Commission is again looking for a new executive director following leadership turnover. This hiring round comes amid questions of continuity and stability in overseeing Massachusetts’ growing cannabis market. Many industry stakeholders hope that securing a capable leader will bring improved oversight, smoother operations, and clearer communication from the Commission.

• Cannabis Cafés, Lounges, and Events: Massachusetts regulators are moving toward allowing on-site cannabis consumption licenses, sparking optimism about new tourism and revenue streams. Proposed regulations would permit cafés, lounges, and events where adults can legally buy and consume. Policymakers remain cautious about public health and safety protocols, with final rules expected to roll out by late 2025.

• State Lawmakers and CCC Structure: Lawmakers are examining the independence and structure of the Cannabis Control Commission, debating potential reforms to its membership, funding model, and oversight. Proposals aim to preserve regulatory autonomy while increasing accountability—especially as the industry expands—and could significantly reshape how cannabis is overseen in Massachusetts.