Colorado will fall far short of $2 billion in total cannabis sales in 2022.
Colorado dispensary sales continued to fall on a monthly and year-to-year basis in October, according to the most recent numbers released by the stateAfter breaking $2 billion in total annual sales in the state for two straight years, Colorado will be lucky to hit $1.8 billion in 2022 — and based on October's sales numbers, it will probably come up short of that.
Colorado's pot industry has been stuck in a rut for over a year as sales sink and more states legalize recreational marijuana. Dispensaries are expecting to see a 20 percent drop in sales from 2021 to 2022, while the average price per pound of flower has dropped nearly 59 percent since last year, reaching a record low.
Medical marijuana sales have hit record monthly lows numerous times this year, and they continued to do so in October, barely hitting $17 million. Recreational sales in October didn't fare much better, accounting for just under $125 million, the second-lowest month so far in 2022.
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