
Westword

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Colorado dispensary sales continued to fall on a monthly and year-to-year basis in October, according to the most recent numbers released by the state Department of Revenue, in a continuation of the marijuana industry’s down period.
After breaking $2 billion in total annual sales in the state for two straight years, Colorado will be lucky to hit $1.8 billion in 2022 – and based on October’s sales numbers, it will probably come up short of that. Dispensaries accounted for just over $142 million in sales in October, DOR data shows, and monthly sales have only crossed the $150 million mark four times this year. November and December are the only months left for the DOR report in 2022, and those months are traditionally some of the worst-performing for dispensaries.
Colorado’s pot industry has been stuck in a rut for over a year as sales sink and more states legalize recreational marijuana. Dispensaries are expecting to see a 20 percent drop in sales from 2021 to 2022, while the average price per pound of flower has dropped nearly 59 percent since last year, reaching a record low.
Medical marijuana sales have hit record monthly lows numerous times this year, and they continued to do so in October, barely hitting $17 million. Recreational sales in October didn’t fare much better, accounting for just under $125 million, the second-lowest month so far in 2022.
The decline in sales has led to layoffs in the marijuana industry and store closures across Colorado, though that hasn’t stopped new dispensaries from opening in their places. The amount of money spent on marijuana business mergers and acquisitions has also increased in 2022, crossing a half-billion by the fall.

Colorado Department of Revenue