Colorado marijuana sales continued falling on a monthly and annual basis through the fall, state Department of Revenue data shows.
Looks like low-potency pot isn’t sparking a sales revolution at dispensaries after all.
A little over a week after the 9News story “Weaker weed sparking higher sales in Colorado” talked about how low-potency cannabis was driving new customers and more sales, the DOR’s dispensary sales reports show anything but. According to the most recent release, dispensary sales fell on an annual and monthly basis in September, a trend that has become all too common in the first state to legalize retail marijuana.
Marijuana tax revenue reports, released a month earlier than sales numbers, indicate falling dispensary revenue through October, as well.
After increasing for seven straight years to a record $2.2 billion in 2021, annual marijuana sales have been free-falling in Colorado, hitting just over $1.5 billion for 2023. Based on the first ten months of this year, dispensaries are on pace to collect around $1.3 billion in 2024, according to DOR marijuana sales reports.
Commercial marijuana is still stuck in a rut as wholesale prices hit record lows and national companies flee the state. And as prices and dispensary sales decline, over one-third of Colorado’s growing licenses have been surrendered or have expired, state records show.
H/T: www.westword.com
