According to representatives of the cannabis industry, Colorado’s medical marijuana sales sit at their grimmest point, leaving the state’s cannabis industry “on the brink," reported The Modesto Bee.
What Does The Colorado Department Of Revenue Say?
In July, the state’s recreational and medical cannabis sales hit almost $154 million, according to the Colorado Department of Revenue (CDOR) figures.
Image by The Colorado Department of Revenue
So far this year, total sales have reached more than $1 billion. Yet medical marijuana sales for July only reached just over $18 million, "the lowest monthly figure ever recorded since January 2014," when retail sales were legalized in the Centennial State.
Adult-use sales had it better at more than $135 million, which is a jump from April, May, and June figures. Still, that's significantly lower than last July at nearly $168 million. “There is a dangerous perception that Colorado’s cannabis industry is a cash cow,” said Tiffany Goldman, board chair of the Marijuana Industry Group. “This perception is false.”
The state employs more than 41,000 people to work in the industry. However, Goldman expressed that a number of small cannabis businesses had to close. As an example, Buddy Boy Brands' seven metro-area dispensaries closed permanently in June, with owner John Fritzel blaming "a tax balance," a market downturn, and high costs.
“In the future, we hope …