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Colorado Cannabis Sales
Apr, 2024
Overview
The cannabis market in Colorado has been experiencing a consistent pattern of growth, although recent data indicates a slight contraction. In April 2024, the average item price across all categories fell to $15.68, a decrease from the previous month's $15.97, and a more pronounced drop from the $17.75 of April 2023. Total sales for April 2024 reached $103.82 million, with a month-over-month sales decline of 6.3% and a year-over-year decline of 9.6%. Despite these dips, the market continues to demonstrate resilience, with consumers showing sustained interest in a diverse range of cannabis products.
The state's cannabis industry has seen fluctuations in both pricing and sales volumes, with the average item price decreasing over the past year, suggesting a market adjustment or increased competition. The total units sold in April 2024 were approximately 6.62 million, with a slight increase in unit sales compared to the previous year, indicating a potential shift towards more budget-friendly options or increased efficiency in production that allows for lower retail prices.
Apr, 2024
Sales
Year Over Year
Growth
Market Comparison
When comparing Colorado to other markets in the USA, it's evident that Colorado's average item price is among the lowest, which could be indicative of a mature market with strong competition. For instance, Illinois' average item price in April 2024 was $31.13, nearly double that of Colorado. In terms of growth rates, Maryland exhibited an exceptional year-over-year sales growth of 135.4%, albeit from a smaller base. Michigan also showed robust growth, with a 14.4% increase in sales and a 48.1% increase in units sold year-over-year.
Colorado's market size is substantial, but the negative growth rates suggest a need for brands and retailers to innovate and adapt to changing consumer preferences. For further analysis or more detailed insights, Headset Insights can provide a deeper dive into market dynamics, consumer behavior, and competitive strategies.
Colorado Weed Prices
Category Performance
One category that stands out for its contrasting trend is Concentrates. In April 2024, Concentrates saw a significant year-over-year sales decline of 41.0% and a unit sales decline of 36.3%, with total sales amounting to $7.62 million. The average item price also decreased from $16.83 in April 2023 to $15.60 in April 2024. Within this category, the segment of Live Resin has been particularly interesting. Despite the overall decline in the Concentrates category, the Live Resin segment had a relatively smaller drop in year-over-year sales and units sold, with total sales of $1.83 million in April 2024.
In October 2023, Green Dot Labs led the Live Resin segment with total sales of $364K, followed by Harmony Extracts with $248K in sales. These brands have managed to capture consumer interest despite the broader challenges faced by the category.
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Product Category Market Share In Colorado
Historical Cannabis Sales In Colorado
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