Colorado Cannabis Sales Surpass $15 Billion, But Recent Trends Raise Concerns

DENVER — August witnessed Colorado’s recreational cannabis market and its established medical marijuana industry reach a significant landmark, achieving over $15 billion in cumulative sales since the inauguration of the adult-use market in January 2014. This accomplishment is rooted in the state’s Department of Revenue data, which reveals cannabis sales in August amounted to $132.4 million, propelling the cumulative sales to a whopping $15,028,995,376.

However, beneath this achievement lies an emerging challenge: a noticeable decline in cannabis sales. August’s sales figures trailed July’s by nearly $5 million, which stood at $137.3 million. This downward trend has been evident since the flourishing sales experienced during the COVID-19 pandemic lockdowns.

A breakdown of the August sales figures indicates that medical marijuana contributed $15.7 million, while adult-use products constituted $116.8 million. Both these figures mark a decrease from July, which recorded sales of $16 million for medical marijuana and $121.3 million for adult-use products.

Should this declining trajectory persist into the last quarter of 2023, the annual sales might fall short of the 2022 figures. Last year, Colorado’s cannabis industry reported sales of $1.7 billion, mirroring the sales of 2019. As of August’s end, the sales for 2023 stand slightly above $1 billion.

For context, the state’s cannabis market witnessed sales nearing $2.2 billion in both 2020 and 2021, a period marked by stay-at-home orders and the dispersal of government stimulus checks to citizens.

To date, the peak sales month of 2023 has been March, registering $139.6 million, while February recorded the lowest at $124.8 million. As Colorado’s cannabis industry navigates these evolving market dynamics, stakeholders will be keenly observing the sales trends in the upcoming months.