Colorado’s hashish gross sales have fallen for a second consecutive month, because the state’s hashish market continues its decline.
In accordance with the newest statistics from Colorado’s Division of Income, complete hashish gross sales in February fell from $115.4m in January 2024 to $114.4m in February.
Discounting November 2023, which noticed the bottom gross sales within the state since 2017, February 2024 represents the poorest efficiency since February 2018, when gross sales hit $112.5m.
Whereas complete retail hashish gross sales have remained flat for the final three months at round $100m, Colorado’s medical hashish business has been experiencing a continued decline.
Month-on-month, medical gross sales fell from $15.2m in January to $13.8m in February. This decline was comparable on a year-on-year foundation, dropping from $15.4m in February 2023.
With Colorado being the primary US state to legalize adult-use hashish gross sales, its speedy decline since pandemic highs is now being seen as a warning by different states.
In accordance with Inexperienced Market Report, New York’s hashish coverage czar John Kagia referenced the state’s falling gross sales in a current assembly with the Hashish Management Board, citing a 33% drop within the variety of licenced retailers, a 35% drop in growers, a 13% fall in producers, and a 48% drop in testing labs since between 2017 and December 2023.
For the reason that state launched a retail market over a decade in the past, wholesale costs have fallen by 60% from $2000 to round $750 a pound, whereas common retail revenues have fallen 30% for the reason that pandemic highs.
