skip to Main Content
Colorado
Colorado’s cannabis industry has fallen on hard times. What does the future hold?

Too much supply, not enough demand, plunging prices, a lack of cannabis tourism and more put pressure on marijuana market

The heyday of marijuana sales in Colorado — back in 2020 when recreational and medical sales topped out at a combined $226 million — is a distant memory, as the state’s dispensaries struggle through an economic downturn, with sales plummeting and small businesses foundering.

“The market’s just bad. It’s bad right now,” said 29-year-old Val Tonazzi, who works in cannabis sales. “There’s businesses closing, left and right.”

In March, Colorado’s total medical marijuana sales were about $17 million — around $5 million less than last March. Retail marijuana sales racked up to $122 million, but that’s still a $17 million drop from March 2022.

It’s an improved outlook from February when medical marijuana sales dipped to their lowest point since retail sales began — around $15 million. And sales for both recreational and medical weed totaled to over $139 million, which is the highest it’s climbed to since last October.

But times have changed since the COVID-19 pandemic — now officially over — which gave the cannabis industry a boost as customers stocked up on edibles and joints to enjoy under lockdown.

Instead, in 2023, Colorado’s cannabis entrepreneurs face a perfect storm of problems: too much supply, not enough demand, plunging prices, heightened competition in other states, the allure of black market weed, a lack of cannabis tourism and more. [Read More @ The Denver Post]

This Post Has 0 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Stories

If FL Supreme Court approves cannabis ballot language, will voters go for recreational weed or not?

The long wait on whether Floridians will get a chance to vote to legalize recreational cannabis for adults 21 and older is almost over, as the Florida Supreme Court is…

Missouri strips marijuana licenses connected to company accused of predatory behavior

Missouri’s health department on Wednesday stripped two coveted marijuana micro-licenses tied to an out-of-state company that had been accused of predatory practices and had listed the licenses for resale. The…

Dug In: Big Island Grown’s Deep Cannabis Roots

Big Island Grown (BIG) is a vertically integrated cannabis company based in Kailua-Kona, Hawaii County, on the Big Island of Hawaii, whose reach now extends to several islands in the…

Unlock the Secrets of Social Media for Cannabis Brands

There are three primary ways that brands can use social media platforms for marketing: organic posts, shared posts, and paid posts. With paid posts still off limits to most businesses…

More Categories

Back To Top
×Close search
Search