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Colorado marijuana sales down again in February


Colorado’s hashish market took one more beating, with revenue down however all over again for the month of February.

In accordance to stats from the state Office of Revenue, Colorado marijuana outlets offered $114.4 million in February, down from $115.3 million in January, following coming off the state’s worst sales 12 months considering the fact that 2017.

The February stats incorporate $100.5 million in recreational cannabis sales and a further $13.8 million in health care marijuana product sales.

The every month gross sales figures were being also down yr-about-year by much more than 8%, from $124.8 million in February 2023.

Very last calendar year, Colorado cannabis suppliers bought $1.5 billion in items, the weakest general performance since 2017.

The state has even grow to be a cautionary tale for New York and other impending hashish markets Colorado’s current market construction, licensing and income statistics have been introduced up through this week’s New York Hashish Command Board conference as an example of what can take place in oversaturated markets.

Involving 2017 and December 2023, Colorado recorded a 33% drop in the amount of certified merchants, a 35% dip in the range of growers, a 13% dip in the selection of makers, and a 48% decline in the variety of tests labs, for a whole industry drop of 16%, New York cannabis coverage czar John Kagia instructed the CCB this 7 days.

Wholesale rates in Colorado are down 60% from the industry launch 10 many years back, from far more than $2,000 for every pound to just $749 a pound, and regular revenue for each retailer is down virtually 30% because the “pandemic surge” of 2020 and 2021, Kagia noted.

“What we have noticed because 2022 … is that revenues have started to drop once more, and they are likely back to wherever they were being right before we experienced that two-12 months pandemic surge,” Kagia mentioned.

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