Post: Colorado Marijuana Sales Hit Seven-Year Low in 2024

Colorado dispensary sales increased for seven straight years from 2014 to 2021, hitting record highs during the COVID-19 pandemic. Jacqueline Collins

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Colorado’s legal marijuana market continued sliding in 2024, hitting a seven-year low in annual dispensary sales.

According to monthly reports from the state Marijuana Enforcement Division, Colorado dispensaries brought in just over $1.28 billion in sales through the first eleven months of 2024, with around $109 million of that sold in November. Unless pot shops raked in over $200 million in December, in 2024 Colorado won’t break $1.5 billion in annual marijuana sales for the first time since 2016.

Based on state marijuana tax revenue numbers , dispensaries didn’t sell enough pot to last month to keep that streak going.

Historical data shows that people generally buy more weed in December than November, thanks largely to winter holidays, according to dispensary owners. But the MED’s monthly marijuana fee and tax revenue reports, released a month earlier than dispensary sales figures, show a $1 million slide from November to December, dropping to $19.1 million.

Although a small dip in fee and tax revenue doesn’t always guarantee the same decrease for sales figures, it does suggest that December’s dispensary traffic was similar to — if not worse than — November’s lackluster numbers.

Yearly marijuana sales have not failed to reach $1.5 billion since 2016, Colorado’s third year of recreational pot sales, when dispensaries collected slightly over $1.3 billion.Colorado dispensary sales increased for seven straight years from 2014 to 2021, hitting record highs during the COVID-19 pandemic . Commercial pot revenue began free-falling after hitting over $2.2 billion in 2021, however, with annual sales now falling for three straight years.Colorado’s marijuana sales decline has been driven, in part, by falling prices. As of January 1, wholesale weed prices in the state were at their second-lowest median price point since recreational sales began in January 2014, at $658 per pound, according to the state Department of Revenue. Denver dispensaries have experienced a high rate of ownership turnover within the past year as well. Longtime dispensary companies like Good Chemistry, the Health Center, High Level Health, […]

Colorado Marijuana Sales Hit Seven-Year Low in 2024