Colorado Cannabis Sales Bounce Back In March, Michigan's April Figures Tell A Different Story

After Months Of Decline Colorado Cannabis Sales Bounce Back In March

Colorado cannabis sales rebounded in March, reaching $126.6 million and up from $114.4 million in February, according to the Colorado Department of Revenue's report from last week. However, year-over-year, sales are down considering March 2023 sales of $139.6 million.

Green Market Report's John Schroyer noted that based on tax revenues garnered last month, April sales are "on pace to be even better." The agency said it collected $20.8 million in taxes for March and $23.2 million in April.

See also: Colorado Cannabis Sales Experience Second Consecutive Monthly Decline In February

Colorado kicked off its first legal cannabis stores in January 2014. To date, all-time cannabis sales in Colorado reached $15.8 billion.

Recent polling results showed that the majority (71%) of voters continue to support the legalization of recreational cannabis use over a decade later. As many as 63% think the tax revenue generated by marijuana sales has been important for the state’s economy.

To learn about the latest cannabis sales trends, come join us, at the upcoming 19th Benzinga Cannabis Capital Conference. The event is returning to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.

April Cannabis Sales In Michigan Slightly Down

Following a record of $288.8 million worth of marijuana products sold in March, Michigan’s combined cannabis sales fell to $278.6 million in April, representing a sequential decrease of 3.6%. Year-over-year, cannabis sales increased 13.2%, according to the Michigan Cannabis Regulatory Agency's data.

Out of that sum, medical sales accounted for $1.9 million, down 76.3% year-over-year and 6.09.3% sequentially. On the contrary, recreational cannabis sales surged 16.2% year-over-year to $276.7 million, down 3.5% sequentially, reported New Cannabis Ventures.

Nevertheless, Michigan's cannabis industry is on an upward trajectory, with expected sales exceeding $3.1 billion this year.