DENVER (KDVR) — Housing might be out of reach for many Coloradans, but at least pot is cheap.
The average market price for a pound of Colorado marijuana bud has been falling since early 2021, according to the Colorado Department of Revenue figures released this week. The price of a pound of bud was at its highest level since 2016 last January at $1,721.
In November 2022, it had shrunk to less than half that price at $658 per pound, the lowest price ever recorded since Colorado began its first legal marijuana sales.
Marijuana was one of the few consumer items to escape the ravages of the 40-year record inflation that has robbed consumers of spending power over the last 18 months. Prices fell every single quarter since their height in January.
Prices had been on a more or less steady upward climb before that. Prior to this quarter, a pound of bud cost its lowest in October 2018 at $759.
With prices sinking, the overall value of marijuana sold in Colorado has sunk as well.
In July 2020, over $226 million worth of marijuana was sold in Colorado. By November this year, that had fallen to $142 million. This is the lowest dollar value of marijuana sold in Colorado since February 2020.