Total Colorado cannabis sales reached $2.19 billion in 2020, according to state Marijuana Enforcement Division (MED) data outlined by The Center Square. The near $1.75 billion in adult use and $442.5 million in medical cannabis sales mark new sales records in the Centennial State.
The adult-use figures represent a 24% increase over the 2019 total of $1.41 billion.
Colorado cultivators grew about 1.24 million plants in 2020, which equates to 662.3 metric tons of consumer product, the report said. The average price per gram for adult-use cannabis, however, increased 20% from $3.99 in 2019 to $4.80 last year. The price-per-gram for medical cannabis also increased by 26% to $3.80, the report says.
The MED report suggests that the coronavirus pandemic increased demand for both adult-use and medical cannabis “as household spending shifted to food, drink, and entertainment consumed at home.”
Earlier this month, the Colorado Department of Revenue released its Average Market Rate report for retail cannabis and found price decreases across five of seven cannabis categories: flower prices fell $948 per pound, trim fell $354 per pound, bud and trim for extraction dropped $345 per pound and $253 per pound, respectively, and wet whole plant prices decreased $172. The price per seed increased to $4, while the price for an immature plant stayed steady at $10. The state uses the quarterly average market prices for excise tax rates.
Starting in January, new purchase limits for medical cannabis patients will take effect under a bill approved by lawmakers in November.