Colorado monthly cannabis sales sink to nearly 7-year low in November

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Colorado cannabis sales continued to slide in November as recreational and medical marijuana retailers generated $110.5 million in revenue, the lowest monthly total since February 2017.

Adult-use sales – which accounted for roughly 87% of total sales in the state – fell to $95.8 million, down about 16% year-over-year, according to data released Thursday by the Colorado Department of Revenue.

Medical marijuana sales in November dipped to $14.5 million, down about 11.5% year-over-year.

November marked the fourth consecutive month of sales decreases in Colorado’s cannabis market.

It appears the state is headed for its second straight year of significant declines in marijuana sales.

Total 2023 cannabis sales in Colorado through November eclipsed $1.4 billion but are on pace to fall well short of the state’s $1.7 billion haul in 2022.

And 2022 was largely considered a disappointment in the nation’s oldest adult-use market: Legal recreational and medical marijuana retailers posted annual sales that were more than 20% less than 2021’s record total of $2.2 billion.

Colorado’s 2023 marijuana sales are on pace to hit about $1.5 billion, which would be down nearly 13% from 2022.

Chris Casacchia can be reached at chris.casacchia@mjbizdaily.com.