Nature's Herbs and Wellness Distribution Center
Fruit Snacks, Gold Dropz, Item #9, MIL, OZ Kush, Slurricane, Square Grouper #2, Sueno, Super Sour Lemon
Rino Supply
Bananaghani, Peking Duck #6
Ripple
Durban Kush #8, Gold Dropz, Item #9, Macchiato Haze, PZ3, Papaya Cake, Shock Tart
Rocky Mountain Cannabis
Forza Sans Souci #4, MIL, OZ Kush, Slurricane, Square Grouper #2, Super Sour Lemon
Rocky Road
Bananaghani, Forza Sans Souci #4, MIL, OZ Kush, Slurricane, Sour Rado, Square Grouper #2, Sueno, Triangle OG
Rocky Road Remedies
Colorado Cutthroat, MIL, Sour Rado, Square Grouper #2, Sueno, Super Sour Lemon, Unicorn Poop, ย  Yuk Mouth
Roots Rx
Black Amber, LCS, Malibu Mirage, Peach Crescendo #2, Peking Duck #6, Sour Rado, The Sauce, Unicorn Poop, Veritas Cookies, WOF
Simply Pure
Carat Cake #2, Melonade #8, Purple Milk, Sour Rado, Sueno, The Sauce, Triangle OG, Unicorn Poop
Skunked
Forza Sans Souci #4, MIL, OZ Kush, Slurricane, Sour Rado, Square Grouper #2, Strawberries N Cream, Sueno, Super Sour Lemon, Unicorn Poop
TGS
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THE GREEN SOLUTION LLC
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The 404 Dispensary
Bananaghani, Black Amber, OZ Kush, The Sauce, Veritas Cookies
The 64 Store
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The Dispo
MIL, OZ Kush, Peach Crescendo #2, Slurricane, Sour Diesel, Square Grouper #2, Sueno, Veritas Cookies
Tumbleweed
Colorado Cutthroat, Dosilato #8, Item #9, LCS, Macchiato Haze, Unicorn Poop
Canna Cabinet
Bananaghani, Black Amber, Carat Cake #2, Dosilato #8, Durban Kush #8, GG #4, Item #9, KPF, Macchiato Haze, OZ Kush, Papaya Cake, Pineapple Blast, Purple Milk, Root Canal #2, Sour Rado, Super Sour Lemon, The Sauce, Triangle OG, Unicorn Poop, Veritas Cookies
Cannabicare
Colorado Cutthroat, Forza Sans Souci #4, Oz Kush, Peking Duck #6, Platinum Kush Breath, Sour Rado, Square Grouper #2, Sueno, Triangle OG, Unicorn Poop
Colorado Harvest Company
Colorado Cutthroat, Gold Dropz, OZ Kush, PZ3, Square Grouper #2, Sueno, WRZ
HERBS 4 YOU
Sour Diesel
High Octane
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Kind Care of Colorado
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Lightshade
Gold Dropz, Peking Duck #6, Root Canal #2, Sueno
Magnolia Rd
Bananaghani, Black Amber, Carat Cake #2, Cereal Barz, Colorado Cutthroat, Gold Dropz, Grape OZ, Lava Breath #2, MIL, Macchiato Haze, Malibu Mirage, Peach Crescendo #2, Peking Duck #6, Platinum Kush Breath, Purple Milk, Root Canal #2, Slurricane, Sour Diesel, Super Sour Lemon, The Sauce, Triangle OG, Unicorn Poop, Veritas Cookies, Wedding Crasher
Magnolia Road
Bananaghani, Black Amber, Cereal Barz, Colorado Cutthroat, FUN, Forza Sans Souci #4, GG #4, Gold Dropz, Grape OZ, Item #9, LCS, Lava Breath #2, MIL, Macchiato Haze, Malibu Mirage, Muffinz Breath #1, OZ Kush, Peach Crescendo #2, Peking Duck #6, Platinum Kush Breath, Purple Milk, Sherb Crasher, Slurricane, Sour Diesel, Sour Rado, Strawberries N Cream, Sueno, The Sauce, Triangle OG, Unicorn Poop, Veritas Cookies, Wedding Crasher, ย  Yuk Mouth
Medicine Man
Bananaghani, Peking Duck #6, Triangle OG, Unicorn Poop
Native Roots
Carat Cake #2, Colorado Cutthroat, Dosilato #8, Forza Sans Souci #4, Frozen Dessert, Fruit Snacks, GG #4, Garlic Breath, Gold Dropz, Grape OZ, Item #9, KPF, Lava Breath #2, MIL, Macchiato Haze, Melonade #8, ORE, OZ Kush, PZ3, Papaya Cake, Peach Crescendo #2, Peking Duck #6, Pineapple Blast, Platinum Kush Breath, Purple Milk, Root Canal #2, SOZ, Shock Tart, Sour Rado, Square Grouper #2, Sueno, Super Lemon G, Super Sour Lemon, The Sauce, Triangle OG, WRZ, Wedding Crasher, White 99

November 7, 2022

Marijuana reached a pandemic peak, next comes uncertainty

John Frank

As the new kid on the block, legal marijuana knew no bounds.

  • Annual sales in Colorado grew exponentially since launching in 2014, and peaking at $2.2 billion in 2021.

Yes, but: The party's over. The industry faces its first real crisis as sales and wholesale prices plummet, a double supply-and-demand crunch that's leading to significant retail closures and layoffs.

Why it matters: Colorado's legal cannabis industry has evolved into a major economic player with $13.4 billion in sales, as well about 900 retail businesses and 40,000 employees, government figures show.

  • Moreover, it contributed $2.3 billion in state tax revenue through September. Much of that went to education, as originally intended, but the dollars now support affordable housing, substance abuse and treatment, law enforcement and agriculture, too.

State of pot: Medical and recreational retail cannabis sales hit new highs amid the pandemic with consumers spending more time at home and receiving federal fiscal stimulus checks.

  • The combined sales broke records at $226.4 million in July 2020.

Now, the broader rebalancing of consumer spending and time, as well as rising prices on everyday goods are snuffing the highs.

  • Marijuana retail sales in Colorado were down 22% in June, compared to the prior year, and the wholesale price of cannabis flower fell to an all-time low, down 46% to $709 a pound. The record price came in January 2015 at $2,007.

What they're saying: What makes it most difficult is seeing supply increase but demand fall. "You're getting squished from both sides, both walls are coming in at the same time," Andrew Livingston, an economist at Vicente Sederberg, one of the nation's top cannabis firms, tells Axios Denver.

What to watch: Jon Spadafora, president of Veritas Fine Cannabis, wondered aloud whether the industry believed its own hype too much. Veritas closed a cultivation facility in June and laid off 33 people, a quarter of its employees.

  • "We went from an environment where growth was all we ever knew," he told us. Now, he's predicting "substantial downsizing across the industry in Colorado."

The other side: Joe Hodas at Wana Brands, a leading cannabis edibles company, tells us he's optimistic that sales will soon plateau and eventually rebound.

  • "To build a healthy industry, you have to cull the herd, you have to get rid of the sick players that quite can't keep up and that allows the stronger players to continue to grow," he said.

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