The waning of the pandemic, along with a decline in demand from customers coming in from out of state, has continued to burn into Colorado’s marijuana market this summer, during what are generally some of the strongest months for pot sales.
Sales of cannabis products for July 2022 show a decline of $72 million over their highest mark during July 2020, according to the latest cannabis sales reports compiled by the Colorado Department of Revenue, which monitors tax proceeds that fund important earmark programs for state and local governments.
Even figuring in the rapid rise in demand for marijuana that followed the stay-at-home orders and other virus-related shutdowns during 2020, the market has still failed to recover its pre-pandemic strength.
In July 2019, before COVID became a household word, the Colorado market had seen more than $166 million in sales — some $30 million of that from medical marijuana sales. Sales this past July were down $12 million over the three-year span, and medical sales were off 40%, just $18 million.
That drop in medical sales may be a consequence of HB21-1317, signed into law a year ago. It capped medical concentrates at eight grams per purchase, from a previous 40 grams, said Ryan Shipp, director of retail sales at Native Roots. With 19 outlets around the state, it’s the second largest dispensary chain.
[Read more at The Colorado Springs Gazette]
The post Marijuana sales in Colorado off by $72M over pandemic high appeared first on Cannabis Business Executive – Cannabis and Marijuana industry news.
