In the first quarter of 2024, the cannabis sector faces a mixed economic landscape with a notable sequential decline in sales across several states.

Pablo Zuanic, senior analyst of Zuanic & Associates has detailed insights into the sector's performance, particularly focusing on multi-state operators (MSOs) and their exposure across pivotal states such as Arizona, Connecticut, Florida, and others.

Q1 2024 Sector-Wide Financial Highlights

Overall, Q1 saw a downward trend in sales, except for a few states like Florida and Pennsylvania.

The most significant sales declines were observed in Connecticut (-6%) and Illinois (-4%), with moderate decreases across Massachusetts (-3%), Ohio (-2%), and both Michigan and...