Colorado’s marijuana industry says it is seeing a “troubling trend” as retail sales decline for the second month in a row and medical cannabis sales dip to their lowest level on record.
The Colorado Department of Revenue keeps a monthly analysis of medical, recreational and total marijuana sales dating back to 2014, when recreational marijuana was legalized.
Total sales saw a 13% decrease in February 2022 compared to February 2021. That accounts for about $22 million in lost revenue.
“Having marijuana, as much as it is a need for health and well being, that’s one of the parts where people will spend less money because they’re having to spend more on gas, they’re having to spend more because of inflation,” PJ Rinker, vice president of The Joint dispensary in Denver said.
According to Rinker, The Joint, which sells recreational marijuana products, has seen a steady decline in sales for about two years. He attributes part of that to the fact that more states have legalized marijuana recently.
“We don’t have the tourist market that we had before,” he said. “Colorado was a destination place, so people travelled from all over the country to come and experience Colorado and to have a dispensary.” [Read more at KDVR]
The post Retail marijuana sales declining in Colorado appeared first on Cannabis Business Executive - Cannabis and Marijuana industry news.
Copyright
© Cannabis Business Executive
