Colorado’s cannabis industry prepares for tough times as U.S. recession looms

During the COVID-19 pandemic lockdowns, weed businesses serviced consumers eager to stock up on their favorite edibles, concentrates and pre-rolls.

“I don’t have a crystal ball,” he said, but “I don’t see the legal cannabis market going away by any means.” Alec Garnett, the Colorado House of Representatives’ Speaker and the bill’s main architect, defended it, saying it aimed to reduce the amount of high-potency concentrate that’s showing up on high school campuses.

Paul Seaborn, assistant professor at the University of Virginia, said the squeeze on Colorado’s industry and other states with mature cannabis markets is because of a combination of factors, including sales leveling out after the COVID-19 spike, sliding prices, increased competition for customers and lower rates of cannabis tourism.

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