Colorado Cannabis Sales

May, 2024
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Cannabis Market Data

Overview

The cannabis market in Colorado has experienced a notable shift in dynamics over the past year. As of May 2024, the average item price in Colorado has seen a significant adjustment from $14.71 to $16.05, reflecting a market that is adapting to both regulatory changes and consumer preferences. Total sales in Colorado reached $101.36 million in May 2024, despite a month-over-month sales decline of 2.9% and a year-over-year decline of 8.7%. This suggests a market that, while contracting slightly in terms of immediate growth, still maintains a robust consumer base.

The broader trends in the U.S. market show varied performance across states, with Colorado's average pricing being one of the more competitive, lower than many states such as Illinois and Maryland but higher than Oregon and Washington. This pricing strategy, coupled with a moderate sales volume, positions Colorado uniquely in the national landscape, balancing between affordability and premium market offerings.

$101.31M

May, 2024

Sales

-8.7 %

Year Over Year

Growth

Data Snapshot Jun 03, 2024

Market Comparison

When comparing Colorado to other major markets like California and Illinois, several insights emerge. Colorado's total sales volume is significantly lower than California's $356.47 million but is comparable to Illinois at $169.75 million. However, Colorado's market has faced steeper declines both month-over-month and year-over-year compared to these states, indicating potential challenges or saturation in the market.

In terms of pricing, Colorado's average item price of $16.05 is competitive, lying in the mid-range compared to other states. This strategic pricing helps maintain a steady consumer base despite fluctuations in sales volumes. The growth rates in segments like Edibles in Colorado also suggest a divergent trend where specific categories outperform the general market, highlighting areas of opportunity for businesses and investors.

Colorado Weed Prices

Product
May, 2024
YoY
Flower (Gram)
$9.90
Flower (Eighth)
$16.98
Edible (10mg)
$14.48
Concentrate (Gram)
$13.59
Top Strain
MAC
Data Snapshot Jun 03, 2024

Category Performance

Category
May, 2024
YoY
$
36.32
M
-11.8
%
$
27.87
M
-0.6
%
$
17.37
M
3.6
%
$
9.46
M
-4.5
%
$
7.17
M
-36.7
%
$
1.45
M
18.9
%
$
1.06
M
-5.4
%
$
0.38
M
-66.7
%

Focusing on the Edibles category in Colorado, there has been a mixed performance across different segments. The 'Gummies' segment, in particular, stands out with a positive trajectory. In May 2024, Gummies generated $15.36 million in sales with over 1.07 million units sold, marking an 8.7% month-over-month sales growth and an 11.1% year-over-year growth in units sold. This growth is indicative of a strong consumer preference for this segment, possibly due to the convenience and variety of flavors offered.

Top brands in the Gummies segment include Wyld, Wana, and Dialed In Gummies, which have been leading in sales and innovation. Wyld, for instance, topped the chart with approximately $4.89 million in sales in May 2023, showcasing their strong market presence.

Market Trends

Product Category Market Share In Colorado

Monthly Cannabis Sales

Historical Cannabis Sales In Colorado

Colorado Cannabis Reports

Report
September 12, 2022

Understanding the recent sales declines in legacy cannabis markets

When we dig into the underlying causes of the overall cannabis sales declines in the US, we find some notable patterns contributing to the market retraction.

Colorado Cannabis News

Blog
August 23, 2023

Navigating the Colorado Cannabis Market: Takeaways from our Denver Data Night

Colorado's cannabis market continues to confront pressure resulting from heightened competition, declining prices, and a slight decrease in consumer engagement. During our Data Night presentation we gave tips for operators to avoid a race to bottom.
Blog
April 21, 2023

A look at last year's 4/20

A recap of last year's 4/20 sales trends across US and Canada.
User rating
CO
Legacy

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