‘Sales plummet’ for recreational and medical marijuana in Colorado

Colorado saw an almost $100 million decline in marijuana tax revenue last year, and an industry trade group said on Friday that the drop is resulting in struggles for small-business owners.

In 2021, Colorado collected $423 million in cannabis tax revenue, and last year, the state collected $325 million in tax revenue. MIG said that the decline in sales hurts public programs that marijuana businesses help fund, including housing, mental health and education.

Sales data from November shows that Colorado recorded $130 million in marijuana sales that month, which was a 22% decline from November 2021. Medical marijuana sales dropped 39% in November 2022 compared with November 2021, MIG said in a news release.