Sales for the month hit a low not seen in nearly 8 years.
The Colorado marijuana market continued to struggle in November, according to the latest sales figures from the state Department of Revenue, which showed yet another monthly decrease, this time to a low unmatched in nearly eight years.
In November, Colorado dispensaries sold a grand total of $109.2 million, including $97.3 million in recreational sales and another $11.8 million in medical. That’s the worst performance for the state’s cannabis market since February 2017, when sales totaled just $106.7 million, according to DOR statistics.
The November total is down both sequentially from October , when dispensaries sold $113.3 million, and year-over-year, from the $110.3 million sold in November 2023.
The November figures bring Colorado’s all-time cannabis sales to $16.7 billion since January 2014, with $1.2 billion tallied thus far for the 2024 calendar year.
One of the most mature markets in the nation, Colorado’s cannabis trade has fallen sharply from a peak during the COVID-19 pandemic, as more competition has sprung up from neighboring states such as New Mexico and inflation has cut sharply into consumer spending.
A state report prepared by the state legislature last fall found that oversupply had resulted in 17% contraction among licensed growers, and that cannabis prices fell by a whopping 63% from 2021 to 2023, forcing many operators to close their doors.
Colorado cannabis sales continued downward slide in November
