After a slight bump in 2023, Colorado marijuana prices are nearing record-low numbers once again, according to data from the state Department of Revenue.
The DOR's Marijuana Enforcement Division just released its latest Average Market Rates (AMR) for various marijuana plant categories, from harvested buds to raw trim and seeds. As of October 1, the AMR for a pound of harvest marijuana buds was $658, just $9 more than the DOR's lowest price on record from April 2023. Marijuana trim, often used to make extracted products like concentrated oils and edibles, also hit its second-lowest AMR amount ever, at $192 per pound.
Released every quarter, the marijuana AMR measures median prices of various wholesale marijuana categories — despite the inclusion of "average" in the name — and extrapolates prices for the next quarter.
The AMR for a pound of harvested marijuana buds has failed to crack $800 since January 2022, according to the DOR. In the months prior, Colorado dispensaries and cutlivators were enjoying some of their most bountiful years since legalization. Then the bottom dropped out shortly after the pandemic ended.
From 2022 to 2023, Colorado saw about a 15 percent reduction in marijuana growing licenses, according to MED numbers, while the state's marijuana industry cut an estimated 10,000 jobs. Since September of last year, Colorado has seen an additional 20 percent reduction in growing licenses, state records show.
Dispensary sales have experienced a similar downturn. After increasing for seven straight years to a record $2.2 billion in 2021, annual marijuana sales have been falling in Colorado, hitting just over $1.5 billion for 2023. Through the first seven months of this year, dispensaries are on pace to sell just over $1.4 billion worth of product in 2024, according to MED marijuana sales reports.
Denver's dispensary scene has been overhauled as well, with dispensaries closing or changing hands throughout the year, including notable locations owned by Good Chemistry, the Health Center, Lightshade and Terrapin Care Station. Despite the declining market, though, new retail marijuana stores continue to open in the metro area.
After increasing for seven straight years to a record $2.2 billion in 2021, annual marijuana sales have been falling in Colorado.
Jacqueline Collins
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