Colorado cannabis sales on track to drop below 2022 levels

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Colorado marijuana sales are forecast to be 12% lower in 2023 than last year, based on sales data collected so far this year by the Department of Revenue.

Dispensaries sold a little more than $651 million in medical and adult-use cannabis products from January to May, according to Denver alt-weekly Westword.

If sales trends continue, dispensaries are forecast to sell $1.56 billion in products in 2023, down from $1.77 billion in 2022.

That would also be a 32% drop from 2021, when sales reached a high of $2.23 billion, Westword reported.

This year’s 4/20 sales were called the ‘worst’ in years by the Marijuana Industry Group.

Low prices and an oversupplied market are being blamed for the decline.