The expansion of Headset Insights into Arizona, Illinois and Maryland will provide the rapidly expanding U.S. cannabis industry with even more valuable consumer trend insights and real-time market data. The platform enables local businesses to gain a comprehensive understanding of shifts within the market, proactively identify emerging retail opportunities and develop data-driven strategies to stay competitive. In 2020, both Arizona and Illinois surpassed $500 million in full-year cannabis sales, with Arizona being the 8th top-selling state and Illinois being the 10th top-selling state in the country. Medical sales in Maryland grew by 40% in 2020, increasing from $34 million in monthly sales in April 2020 to $48.1 million in 2021.
"We are thrilled to expand Headset Insights further into the Southwestern, Midwestern and Eastern U.S.," said Cy Scott, founder and CEO of Headset. "Data from these markets will contribute to a comprehensive profile of the U.S. market as a whole and give new and existing businesses in Arizona, Illinois and Maryland the information they need to thrive. Data from these markets will also likely influence business and investing behaviors of neighboring states that are on the cusp of legalizing adult-use products or already have a thriving medical industry."
Arizona has shown strong year-over-year (YoY) growth, growing 62% YoY in August to $138 million in total cannabis sales (medical and recreational). As of August, Illinois has $1.1 billion in total cannabis sales and is only $400,000 away from surpassing Michigan as the third-largest cannabis market in sales in the U.S. Maryland is the smallest U.S. market being tracked by Headset, with $370 million in total cannabis sales, and sales have been fairly steady month to month, ranging from $42 million to $48 million per month from January through August. Looking at category sales shares in Arizona, Illinois and Maryland, flower is the largest category capturing 46.2% of the Arizona market, 43.2% of the Illinois market and 50.0% of the Maryland market.
To learn more about Headset Insights, please click here. For more Illinois and Maryland market insights, please read the recent industry reports, "A high-level overview of the Illinois cannabis market" and "A high-level overview of the Maryland cannabis market." Keep an eye out for the Arizona market report in the coming weeks.
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