Colorado Cannabis Sales

Jan, 2024
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Cannabis Market Data

Overview

The Colorado cannabis market has demonstrated a dynamic landscape over the past two years. Despite a notable total sales peak in March 2022 at approximately $139.61 million, the market has experienced a gradual decline, with January 2024 sales reaching around $94.41 million, translating to a 16.6% year-over-year decrease. This contraction is mirrored in the average item price, which decreased from $18.64 in January 2023 to $16.10 in January 2024, suggesting a potential increase in market competition or shifts in consumer preferences.

The state's cannabis market is also characterized by fluctuations in month-over-month growth, with some months showing modest recovery, such as a 5.3% increase in December 2023, only to be followed by a downturn, like the 6.4% decrease in January 2024. These trends indicate a market that is still finding its equilibrium amid varying regulatory landscapes and consumer behaviors.

$94.41M

Jan, 2024

Sales

-16.6 %

Year Over Year

Growth

Data Snapshot Feb 10, 2024

Market Comparison

When compared to other states in the USA, Colorado's cannabis market is mid-sized, with states like California and Michigan leading in total sales for January 2024, with $332.43 million and $242.40 million, respectively. Colorado's average item price of $16.10 is lower than the national average, which could be a factor in driving the total units sold in the state.

Average Item Prices
Product
Jan, 2024
YoY
Flower (Gram)
$9.68
Flower (Eighth)
$17.22
Edible (10mg)
$14.25
Concentrate (Gram)
$13.66
Top Strain
Blue Dream
| State | Avg. Item Price (Jan 2024) | Total Sales (Jan 2024, $M) | Total Units (Jan 2024) | |-------|----------------------------|----------------------------|------------------------| | [CA](https://www.headset.io/markets/california) | $21.43 | $332.43 | 15,512,843 | | [MI](https://www.headset.io/markets/michigan) | $12.22 | $242.40 | 19,836,272 | | [CO](https://www.headset.io/markets/colorado) | $16.10 | $94.41 | 5,865,996 |
Data Snapshot Feb 10, 2024

Category Performance

Category
Jan, 2024
YoY
$
30.84
M
-22.4
%
$
25.11
M
-10.1
%
$
19.45
M
4.8
%
$
8.03
M
-17.7
%
$
7.57
M
-42.0
%
$
1.19
M
-9.8
%
$
1.18
M
-5.6
%
$
0.77
M
-35.3
%

Focusing on the Edible category, particularly the Gummies segment, presents a different narrative. In January 2024, Gummies accounted for a significant portion of the Edible category's sales, with total sales of approximately $17.15 million and an average item price of $14.80. This segment's performance is a bright spot in the Colorado market, suggesting a consumer preference for this type of product.

| Segment | Avg. Item Price (Jan 2024) | Total Sales (Jan 2024, $M) | Total Units (Jan 2024) | |---------|----------------------------|----------------------------|------------------------| | Gummies | $14.80 | $17.15 | 1,159,216 | Among the top brands in the Gummies segment, [WYLD](https://www.headset.io/brands/wyld) led with $6.80 million in sales, followed by [Wana](https://www.headset.io/brands/wana) with $4.06 million. These brands not only dominate the segment but also indicate the importance of brand strength and product quality in driving sales.
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.
Blog
September 19, 2022

5 cannabis brands outperforming current market trends in CO & WA

These cannabis brands are succeeding in Washington and Colorado, two of the most competitive and mature cannabis markets in the US.
User rating
CO
Legacy

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