Sales of marijuana in Colorado hit a record in 2020, reaching $2.19 billion.
According to Marijuana Enforcement Division (MED) data outlined by The Center Square, combined medical and adult-use cannabis sales reached $2.19 billion in 2020, marking a new record for the state.
The near $1.75 billion in adult use and $442.5 million in medical cannabis sales mark new sales records for Colorado.
The adult-use figures also represent a 24% jump over the 2019 total of $1.41 billion.
Cultivators in the state grew about 1.24 million plants in 2020, which equates to 662.3 metric tons of consumer product, the report said.
It should be noted that the average price per gram for adult-use cannabis 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 has indicated 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.”
The Colorado Department of Revenue released its Average Market Rate report earlier this month for retail cannabis. The report had 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.
Next month new purchase limits for medical marijuana patients will go into effect.
