So far in 2024, only March has recorded higher sales.
While still in a bit of a slump, marijuana sales in Colorado rebounded significantly in July, hitting the second-highest monthly total for the calendar year with $122.5 million , behind only March’s peak of $126.6 million.
Still, the state’s cannabis market remains depressed, with July sales figures lower than they’ve been for that month since 2016, according to records from the state Department of Revenue.
The $122.5 million for the month includes $108.9 million in recreational sales and another $13.6 million in medical sales, the DOR reported.
Sales were up from $113 million in June and May, which were both near the bottom of the financial barrel as far as Colorado’s legal cannabis market. The lowest point for the state’s industry was in November last year, when the state sold just $110 million in legal marijuana, a point the market hadn’t hit since 2017.
All-time Colorado cannabis sales, since the adult-use market launched in 2014, are now at $16.3 billion, the DOR reported, including $826 million thus far in 2024.
The recent sales decline is likely due to several factors, including increased competition from neighboring states, such as New Mexico, and also an artificial sales bump during the COVID-19 pandemic in 2020 and 2021, during which many U.S. residents quarantined at home and consumed plenty of cannabis.
The state has also experienced market contraction in recent years, as remaining companies wait for the market to stabilize.
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