Merriam-Webster defines the phrase, distinctive, as being with no like or equal. In the meantime, Google describes the time period as ” outstanding, particular, or uncommon.” Whatever the definition used, the Massachusetts hashish market suits all descriptions of the six-letter phrase. Throughout the final two years, shoppers and retailers have developed dissimilar traits from legacy markets like California and Colorado and rising markets like Florida and New Jersey. Because the Massachusetts market continues to emerge, it will likely be crucial for retailers and different business leaders to grasp the novel traits that make the Bay State hashish market distinctive.
Development of hashish in Massachusetts
Before everything, it’s important to realize an understanding of {the marketplace} make-up that exists within the Bay State. In comparison with the aforementioned hashish markets in California and Colorado, Massachusetts is very vertically built-in. In consequence, the state witnesses giant quantities of brand name consolidation. Excessive ranges of integration paired with giant quantities of brand name consolidation have paved the way in which for the prevalence of “Home Manufacturers.” In comparison with all different manufacturers, “Home Manufacturers” make up 30 p.c or extra of the market share within the following product classes: flower, pre-rolls, vapor pens and concentrates. Total, the state’s high 10 manufacturers occupy 66.9 p.c of the market. In distinction, the highest ten manufacturers in Colorado, Nevada, Michigan, California, Oregon, and Washington occupy lower than 50 p.c of the market. Massachusetts could differ from different states on this side, however this mannequin has existed because the state’s market grows at an eye catching tempo.
Massachusetts is dwelling to the seventh largest hashish market within the U.S. this yr and the second largest on the East Coast. Producing almost $1 billion in gross sales by way of August, the Bay State ranks above Washington and Oregon whereas sitting barely under Colorado. Dissimilar from lots of its counterparts, Massachusetts has skilled optimistic year-over-year development in the course of the summer time. For instance, Massachusetts recorded $132 million in gross sales throughout July, which is a 4 p.c improve from July 2021.
Figuring out shopper traits in Massachusetts
Gross sales throughout the state proceed to rise, however the buying traits of shoppers are typically totally different than these in different areas of the nation. Much like many different states, the highest 5 product classes in Massachusetts are concentrates, flower, vapor pens, edibles, and pre-rolls. At 40.6 p.c, the market share of flower merchandise in Massachusetts is corresponding to that of different U.S. markets. Nonetheless, the market share of vapor pens is greater than 17 p.c decrease than in different U.S. markets. Additionally, the market share of concentrates in Massachusetts is 68.8 p.c decrease than in different U.S. markets. In distinction, the market shares of pre-rolls and edibles in Massachusetts are 38.8 p.c and 17.3 p.c larger, respectively, than in different U.S. markets. Moreover, the market shares of the subsequent 4 product classes additionally differ noticeably from different U.S. markets. The market share of capsules, drinks, tinctures, and sublinguals in Massachusetts is at the least 16 p.c larger than in different U.S. markets. In the meantime, topicals make up 90.9 p.c much less of the market share within the Bay State than in different areas of the USA.
Variations in market share between Massachusetts and different U.S. states will not be the one manner Massachusetts is exclusive. Further knowledge supply additional perception into the shopper demographic teams throughout Massachusetts. Throughout youthful demographics, feminine Era Z and Millennial clients signify a disproportionately larger portion of gross sales when in comparison with different markets. In distinction, male Era Z and Millenial clients in Massachusetts signify a disproportionately decrease quantity of gross sales in comparison with different areas of the U.S. Amongst Era X and Child Boomer teams, clients in Massachusetts, no matter gender or intercourse, generate a proportion of gross sales corresponding to or larger than in different U.S. markets.
Conclusion
Not solely has Massachusetts generated extra gross sales than many different states throughout the U.S., but it surely has additionally cemented itself as the highest hashish market within the northeast this yr. Inside this distinctive state, excessive ranges of vertical integration and model consolidation have allowed the highest ten manufacturers to make up almost 70 p.c of the market. Digging deeper, it turns into much more essential to be taught feminine shoppers in Massachusetts signify a disproportionate quantity of {the marketplace}. On the similar time, Era X and Child Boomers make their presence felt. As this market continues to evolve, it will likely be crucial for firms to watch the patron traits and vertical integration patterns that make the Bay State distinctive. Should you’d wish to be taught extra concerning the Massachusetts hashish market, please learn the complete report right here.