To stop plummeting marijuana prices, a group of business owners has suggested that the state stop issuing new cultivation licenses.
. The drop in prices has led to a steady decline in recreational sales for over a year, DOR data shows, with inflation and reduced marijuana tourism both cited as contributing factors by marijuana business owners.
There are 798 active recreational marijuana growing licenses in Colorado, according to the MED, up from 716 at the beginning of 2021. During that same span, the average price per pound of marijuana flowers has fallen nearly 62 percent, while annual dispensary sales are currently on pace to come up about 20 percent short of the $2.2 billion sold in 2021.
The coalition includes Äkta Creations, Astronomic, Bonsai Cultivation, C8 Brands, Cannabis Insurance Business, CB1 Logistics, Colorado Harvest Company, Dutch Botanicals, Emj’s, Hava Gardens, High Q, Higher Grade, Humble Farms, L’Eagle, LightShade, Lit Cannabis, Locol Love, NUHI, Olio, Revel Cultivars, Rocky Road Aurora, Silver Stem Fine Cannabis, Smokey’s Cannabis Co, Strawberry Fields Cannabis, the Health Center, the Lodge Cannabis, Three Rivers Dispensary, Treez, Veritas Fine Cannabis...
During the September 30 MED hearing, executive director Dominique Mendiola was skeptical that the MED had the authority to implement a licensing moratorium or tax holiday on marijuana, and suggested that marijuana business owners pursue those efforts through the Colorado Legislature. Vicente argues against an excise tax holiday, however, given the revenue the tax collects for the state. Through the first eight months of 2022, Colorado marijuana excise tax brought in nearly $6.6 million a month on average, according to tax data from the DOR.
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