DENVER (KDVR) — Colorado’s marijuana sales are at the lowest they’ve been since before the COVID pandemic, and prices have never been cheaper.
Sales skyrocketed at the dawn of the global public health emergency in March 2020. The state saw record sales until September 2021. Since then, sales have been falling.
In March 2023, there was a statewide total of $139.6 million of recreational and medical marijuana sold in Colorado, about the level of February 2020 and the spring of 2019 before that. Sales have been at this level or lower since autumn 2022.
The amount of taxes and fees collected from the industry has fallen as a result. The state collected about $25 million in taxes in fees in March 2023, down from an all-time high of over $40 million in August 2020.
The total sales dollars have fallen as the wholesale prices of marijuana products have fallen to some of their lowest ever.
The average market rate of a pound of marijuana bud in Colorado was $649 on April 1, 2023. The average price has never been this low since marijuana sales began in 2014. Prices were twice as high as recently as October 2021. Prices for other marijuana products, such as trim, are also at all-time lows — nearly half what they were in October 2021.