Colorado Marijuana Prices Reach New Record Low as 2025 Ends

It’s been a hard year for the Colorado cannabis industry, with dispensary sales continuing to fall and several notable stores and brands shutting down. Now we have more bad news.

According to data just released by the Colorado Marijuana Enforcement Division, the Average Market Rate (the AMR, which really means median price per pound) for marijuana flower is $648 per pound. That’s $1 less than the previous low, which was recorded in September.

Released once every quarter by the state, the AMR sets the excise tax rate for licensed growing operations. Wholesale marijuana prices have hit $649 on the AMR twice since 2023, so the latest drop isn’t a major dive.

But a new record low is still nothing to sneeze at. If anything, it shows this trip to the bottom isn’t ending anytime soon…and these low prices are starting to seem more like the norm. According to MED data, the AMR for marijuana flower hasn’t been over $700 since April 2024.

Colorado marijuana prices, sales and production licenses have been in a free-fall since the end of the COVID-19 pandemic. In 2021, wholesale weed prices peaked at $1,721 per pound, helping dispensaries sell a record $2.2 billion that year, according to the MED. By 2024, dispensaries collected just over $1.4 billion in annual sales.

In December 2021, there were 791 licensed recreational marijuana cultivations in Colorado, MED records show. By 2023, there were 631 — and as of December 2 this year, there were 488. That’s a 48 percent drop in recreational growing operations over four years.

Several high-profile marijuana brands and other businesses closed or left Colorado in 2024 and 2025, including Bubba’s Kush, Dablogic, L’Eagle, Verde, Maggie’s Farm and the original ownership behind Terrapin Care Station. Several other notable dispensary chains, such as Lightshade and Good Chemistry, have also closed and sold locations after reporting declining sales.

New dispensaries have still been eager to fill the void. From 2021 to 2025, the number of recreational dispensaries increased in Colorado from 652 licensed stores to 689 as of this December. Several of those new stores are in cities and counties that have only recently opted into recreational marijuana sales, like Colorado Springs. But the number of retail pot shops in Denver hasn’t dropped much, either, dipping less than 8 percent, with 186 licensed recreational dispensaries currently in the city, according to MED records.