Colorado marijuana prices and sales plummeted in 2022, and so did the state’s tax haul, according to new figures from the state Department of Revenue. The state collected a total of just over $325.1 million in marijuana taxes and business fees in 2022, DOR data shows, down about 23.3 percent from 2021, when nearly $423.5 million was collected.
Although the final tally isn’t in for dispensary sales (DOR releases those numbers a month later than it does tax revenue statistics), stores sold $1.63 billion in product from January through November of last year; if that pace held through December, 2022’s sales total could fall more than 20 percent short of 2021’s final tally of $2.29 billion.
After recreational sales started in 2014, Colorado’s commercial cannabis industry didn’t experience a dry spell until 2021, when both wholesale prices and dispensary sales started dropping after a record-breaking 2020. That drop was slight and didn’t occur until the end of the year, though, and it didn’t prevent the state from reaching new highs in dispensary sales and tax revenue in 2021.
But last year was a full-on drought for the state’s marijuana industry, with the average price per pound of flower falling nearly 62 percent,