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 Maryland experiencing a -1% change. Pennsylvania, by contrast, reported a 3% increase, showing resilience amidst broader sector struggles. Each state showcased unique trends affecting both sales and market dynamics. Q1 2024 State-by-State Financial Performance And Leading Companies California: Faced a 6% year-on-year decline, adjusting to a $5 billion market size. Notable MSOs like Cresco Labs (OTC: CRLBF) and Green Thumb Industries (OTC: GTBIF) have scaled back operations, reflecting a strategic pivot within the state. Other prominent MSOs include TerrAscend (OTC: TRSSF) and 4Front Ventures (OTC: FFNTF). Michigan: A standout in the sector with a robust 24% year-on-year growth, leading to $793 million in sales for the quarter. Despite stable retail prices, the wholesale market ...