Marijuana Business News

Is Colorado's Cannabis Market Back On Track? A 5% Sales Boost Says Yes

Posted October 15, 2024 on by Nicolás Jose Rodriguez

On a quarter-to-date (QTD) basis, sales reached $245 million for July and August, up 5%.

According to a recent report from Beacon Securities, cannabis sales in Colorado and Connecticut are showing mixed results, reflecting both growth and challenges in the legal cannabis market.

Colorado Sales Up 5% Quarter-To-Date

In Colorado, legal cannabis sales totaled $122 million in August, holding steady month-over-month but down 8% compared to $132 million in August 2023. However, on a quarter-to-date (QTD) basis, sales reached $245 million for July and August, up 5% from the $233 million recorded in April and May.

The Colorado Department of Revenue (CDOR) reported 673 adult-use dispensaries by the end of August, with an average revenue of $162,000 per dispensary, or approximately $1.9 million annually. This is a slight decline from $172,000 per dispensary in August 2023, but the year-over-year declines in revenue per dispensary have slowed, partially due to a 2% reduction in store count since January.

Notable companies with operations in Colorado include Schwazze SHWZ and The Cannabist Company CBSTF.

Connecticut Sales Flat Year-Over-Year

In Connecticut, legal cannabis sales reached $23.4 million in September, down 9% month-over-month but 7% lower than September 2023. Despite the monthly dip, quarterly sales totaled $74 million in Q3 2024, up 2% from Q2 2024.

With 51 dispensaries operating by the end of September, the average revenue per dispensary was $460,000 per month, down 14% from $535,000 in August. Companies with notable operations in Connecticut include Curaleaf CURLF, Green Thumb Industries GTBIF, Trulieve Cannabis TCNNF, and Verano Holdings VRNOF.

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