San Francisco cannabis sales slip continues in 2024
In the first three months of 2024, San Francisco recorded $46.7 million in taxable cannabis sales, marking the first time in at least five years that sales dipped below $50 million in a quarter.
This represents a $5.6 million decrease from the previous quarter — and $7.1 million less than the same period last year.
The latest numbers, courtesy of the California Department of Tax and Fee Administration, mark a 35% decline since the peak in sales in mid-2021.
Despite the decline, San Francisco remains a leader in per-capita cannabis sales. During the first three months of 2024, there were $55 in cannabis sales per resident, a high consumption rate compared to other parts of the state.
Historically, San Francisco’s per-capita cannabis sales were nearly four times higher than those in San Diego and Los Angeles. However, recent data shows a narrowing gap. San Francisco’s current per-capita sales are now only 50% higher than San Diego’s and twice as high as those in Los Angeles.
Both San Diego and Los Angeles saw increases in sales during 2020 and 2021 before plateauing, while San Francisco has continued to decline since its peak.
This decline in San Francisco’s taxable cannabis sales comes as daily marijuana use among Americans has become more common than daily alcohol use, according to recent research.