National retail sales figures for July included a small segment called “miscellaneous store retailers,” in which the U.S. Department of Commerce included the no-longer-so-small cannabis dispensaries.
With sales at the nation's miscellaneous store retailers increasing by 3.5% in July from June to a record $14 billion — at a time when total retail sales lagged — the Wolf Report looked at one state and concluded that the boom was partly driven by cannabis retail sales.
The report's author, Wolf Richter, used California's cannabis market, currently the world's largest, as an example and this is what he found out.
California’s taxable cannabis sales jumped by 11.2% in the second quarter from the first quarter to $1.4 billion, according to the California Department of Tax and Fee Administration (CDTFA) on Friday. Legal sales had soared by 24.4% since the second quarter 2020 and by 108% since the second quarter 2019.
The CDTFA …