Sitting at record lows since last October, Colorado's marijuana prices finally increased in July. But closing businesses are still affecting the market.
After sitting at record lows since last October, Colorado's marijuana prices are finally trending upward. Sort of.
. Wholesale marijuana prices hit bottom last July and stayed there for almost a year, according to state data, and dispensary sales dropped 21 percent from 2021 to 2022.the state's marijuana workforce dropping almost 30 percent According to the MED, the average market rate for a pound of retail marijuana flower increased about 8.3 percent from April to July, from $649 to $703. This is the first bump in nearly two years for wholesale flower prices — but the Colorado pot industry isn't breathing a sigh of relief just yet. July's numbers for wholesale flower still represent a 60 percent dip from the $1,721 growers commanded in 2021.
"The market average definitely affects all the wholesale game. Only products in higher demand have the ability to demand better prices," says grower Malek Noueiry, who owns wholesale cultivation Malek's Premium Cannabis.in Colorado. According to the MED, the number of marijuana business licenses dropped from more than 3,500 in 2021 to around 2,700 as of last month, with the majority of expired licenses for growing operations.
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