Colorado marijuana prices have been slowly increasing in 2023, according to new data from the state Department of Revenue.
After falling for nearly two straight years, the DOR’s median price per pound for marijuana flower finally went up this spring, going from $649 to $703 from April to July. Since then, median marijuana prices have continued rising, state data shows, hitting $750 per pound in September. Compared to the same time last year, marijuana prices have increased over 13 percent, according to the DOR.
After record-breaking performances during the COVID-19 pandemic, Colorado’s marijuana industry experienced a surge in growers and a surplus of product. The oversupply and increased competition from states new to legal marijuana had put wholesale prices and commercial pot sales in a downward spiral across the country, particularly in Colorado, where nearly 30 percent of the state’s marijuana workforce was cut from 2022 to 2023.
However, much of the state’s surplus biomass has now been sold off, according to a handful of dispensary managers and growers, while hundreds of licensed grows have paused operations or closed altogether. According to the MED, the number of marijuana business licenses dropped from more than 3,500 in 2021 to around 2,700 as of