Massachusetts to sell $900 million worth of weed in 2020, says analyst

Massachusetts to sell $900 million worth of weed in 2020, says analyst

Massachusetts will likely continue to see marijuana supply shortages in 2020, according to a Canaccord Genuity research note to clients Friday. Analyst Bobby Burleson wrote that he expects continued licensing delays and increased pressure to operate the state’s economic empowerment and social equity initiatives to be contributing factors. Wholesale weed prices are among the most expensive in the U.S., and are driven by the limited supply due to the scarcity of licenses, Burleson wrote. Massachusetts had a “strong” first full year of pot sales, recording $445 million in sales, according to the Cannabis Control Commission. Burleson expects 2020 sales of $900 million. Weed stocks largely fell Friday, with the ETFMG Alternative Harvest ETF down 4.1% in early afternoon trading; the Horizons Marijuana Life Sciences Index ETF fell 3.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Go to Source