TRSSF - Fast Track Recap: Colorado & Michigan Weed Sales Decline Virginia Eyes Legal Market Stock Winners & Losers | Benzinga
Colorado's cannabis market, once a frontrunner in the U.S. for recreational marijuana sales, has experienced a downturn. In 2023, the state's cannabis sales barely surpassed the $1.5 billion mark, a decrease from $1.7 billion in 2022 and a significant drop from the peak of over $2 billion annually in 2020 and 2021.
This downturn marks the lowest sales year since 2017, with December sales totaling $115.8 million, culminating in a year-long total of $1.52 billion.
Despite this, Colorado has reached a milestone of $15.5 billion in total sales since the market's inception in January 2014. The decline in sales is attributed to the end of the pandemic boom and the emergence of competitive markets in nearby states, such as New Mexico, which reported $555.8 million in cannabis goods in 2023.
The state's market, featuring over 1,100 stores, indicates a trend toward consolidation, highlighted by Schwazze (OTC: SHWZ) previously targeting 100 stores. Despite ongoing price deflation, there's a slight stabilization in retail and wholesale prices. The market is fragmented, with leading chains by PharmaCann, and Schwazze.