Vermont Sales Jump 12.2% in July as Broader U.S. Cannabis Markets Soften
Vermont bucked a widespread monthly pullback while Arizona, New Mexico and Maryland posted some of the steepest declines in this week's state filings.
FILE — harvest · My 420 Tours / CC BY-SA 4.0Vermont's cannabis market was the standout mover this week, with July sales rising to $14.7M from $13.1M in June, a 12.2% gain that ran counter to declines reported across most other state filings.
That strength was the exception. Of the thirteen state markets reporting, ten posted month-over-month declines, with Arizona showing the sharpest drop: July sales fell to $90.2M from $97.6M, a 7.6% decrease, with adult-use sales accounting for $80.1M and medical $10.1M.
Large Markets Also Cooled
Illinois remained the largest single-month figure among reporting states at $271.3M in August, down from $278.7M in July. Adult-use sales made up $245.5M of that total, with medical at $25.8M.
Michigan followed closely at $259.1M in August sales, down from $270.9M, with adult-use sales of $258.8M dwarfing medical sales of just $0.3M.
Maryland sales dipped to $105.2M in August from $109M the prior month, while Colorado's June sales slipped to $105.6M from $107.5M, split between $96.6M adult-use and $9M medical.
Smaller markets showed similar softness: Connecticut fell to $25M in August from $25.6M, Montana dropped to $27.8M in September from $28.9M, and New Mexico declined to $47.4M in August from $49.8M.
Maine was the lone large-market gainer alongside Vermont, with July sales rising to $43.4M from $42.4M, split between $23.2M adult-use and $20.3M medical.
Oregon's September sales fell to $74.7M from $77.9M, with adult-use sales of $71.5M and medical at $3.1M.
California's most recent quarterly filing, covering the period starting April 1, 2026, showed sales of $1,013.2M, offering the broadest single data point in this week's filings though not directly comparable to monthly figures from other states.
International
Canada's July sales came in at CA$503.2M, down from CA$516.4M in June, a 2.6% decline that mirrored the softening seen across several U.S. markets.
What to Watch
Massachusetts' August sales fell to $156.6M from $161.5M, with adult-use at $144.9M and medical at $11.7M; watchers will look to September filings to see if the decline extends. Connecticut's average price per gram stood at $3.87 as of June, while Connecticut-tracked product units sold reached 880,793 in August, context that may help explain revenue trends as more states file in the coming weeks.