Colorado’s July medical marijuana sales reach new low

Colorado’s medical marijuana sales in July were the lowest since adult-use sales began in 2014, reaching only $18.3 million in the month.

Medical cannabis sales that month were down 47% compared to July 2021, The Denver Post reported.

Monthly MMJ sales in the state have varied since 2014, according to the Colorado Department of Revenue, but peaked at $43.2 million in July 2020.

Since then, MMJ sales have trended downward, hitting just $19.2 million in June 2022.

Adult-use retail sales in Colorado reached $135.5 million in July, up 6.6% over the months of May and June.

Recreational marijuana sales have declined 19% since July 2021, when adult-use sales reached $168 million.

Total marijuana sales in Colorado reached nearly $154 million in July 2022.

That was a 5.5% increase from roughly $146 million in June but down 24% from almost $203 million in sales in July 2021.

In June, Denver retail chain Buddy Boy closed all seven of its stores, citing tax debts and a new law that reduced the maximum purchase amount of MMJ concentrate from 40 grams to 8 grams.

Denver retailers told the Post that:

• Many medical marijuana consumers are ditching their patient cards and instead buying from the recreational market.
• Cannabis tourism has declined as more states legalize marijuana.

Tiffany Goldman, board chair of the Denver-based Marijuana Industry Group, said in a statement that government officials must help the industry stay afloat.

“In the future,” she said, “we hope lawmakers and elected leaders will understand the sad reality that Colorado cannabis businesses are struggling and that we must work to protect an industry that provides good paying jobs and tax revenue for our state.”

Source: https://mjbizdaily.com/colorado-july-medical-marijuana-sales-reach-new-low/