Retail sales of legal marijuana in Colorado were worth slightly more than $139 million in December 2022, bringing the state’s medical and recreational sales total for the year to almost $1.8 billion – a significant drop from 2021’s record high.
The December figure includes recreational marijuana sales of $122.2 million and medical cannabis sales of $16.9 million, according to figures released by the Colorado Department of Revenue.
On a month-over-month basis, December cannabis sales increased 6.7% from November.
However, monthly sales were down 17.3% from December 2021.
Colorado’s nearly $1.8 billion in total 2022 cannabis sales represents a 20.7% decline from 2021’s record $2.2 billion sales total.
Cannabis businesses in Colorado – the most mature adult-use marijuana market in the United States – are experiencing the tail end of a decadelong boom, with wholesale prices sliding in 2022.
Adult-use marijuana legalization in neighboring states Arizona and New Mexico has also affected the Colorado market.
Colorado reports cumulative marijuana sales of almost $14 billion since the adult-use market launched in January 2014.