Colorado Cannabis Industry Enduring 'Largest Downturn' in its History

Insiders say business casualties likely ahead.

One of the most mature cannabis markets in the United States, Colorado, is going through a financial crisis.

According to 9News, the statewide industry is suffering a major sales dip that has been trending downward for the better part of a year, and insiders expect business casualties in coming months.

“The Colorado marijuana industry is going through the largest downturn that we’ve ever seen,” Truman Bradley, the executive director of the Marijuana Industry Group, told the TV station.

“Our industry is going through big time layoffs. Thousands of people have lost their jobs and small business owners are going under. Unfortunately, I expect that to continue into the coming year,” Bradley said.

Bradley estimated that sales in the medical marijuana market are down 47% from 2021, and recreational sales are down 20%.

"Those are huge, huge numbers," Bradley said.

Wholesale prices are also at rock bottom, 9News reported: The average price is now $658 per pound, down from $1,316 a year ago.

Sales, according to state data, are also down: In September, Colorado cannabis shops sold just $147 million worth of product, compared to $181 million in sales in September 2021 and $206 million in September 2020.

John Schroyer


2 comments

  • Ron Kirkland

    December 2, 2022 at 7:03 am

    Colorado was the place to vacation in and get some stash, now so many other states are becoming the place to go? Not Florida

    Reply

  • Timothy

    December 3, 2022 at 7:08 am

    So many people that came into my dispensary were from out of state. Now not so many because of Arizona, and New Mexico. We also had a big bump in sales because of Covid and stimulus checks.

    Reply

Leave a Reply

Your email address will not be published.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

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 4 hours

Despite Early Access for Out-of-State Brands, In-State Hope Remains

@GreenMarketRpt – 4 hours

Out-of-State Brands Already Entering New York Cannabis Market

@GreenMarketRpt – 3 days

Georgia Medical Cannabis Program Rules Delayed over Technicality

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.