After a rough April and what was dubbed as"worst 4/20 in five years," Colorado dispensaries performed even worse in May.Colorado dispensaries will collect less money in 2023 than they did last year, according to sales projections based on state Department of Revenue data.
Through the first five months of 2023, Colorado saw just over $651 million in marijuana sales, DOR numbers show. That puts dispensary sales on pace to total about $1.56 billion this year, which would be a 12 percent dip from the $1.77 billion in sales in 2022 — and over 32 percent less than the record $2.23 billion in sales in 2021.by the Marijuana Industry Group, Colorado dispensaries had an even more disappointing performance in May, according to monthly sales reports from the DOR.
The poor sales numbers coincide with plummeting prices over the past two years, according to DOR market rates. After record-breaking performances during the COVID-19 pandemic in 2020 and 2021, Colorado's marijuana industry experienced a surge in growers and a surplus of product. The oversupply and increased competition from states new to legal marijuana have putSince 2021, the median price per pound of marijuana flower has fallen 60 percent.