Medical marijuana sales in Colorado saw an unusual drop in sales in November of last year.
According to recently released data from the Department of Revenue, medical marijuana dispensaries sold $27.5 million worth of marijuana in November, compared to $33.1 million of medical marijuana revenues in October of 2014. Despite medical marijuana being available at dispensaries in Colorado since 2012, as well as a steady demand being had for pot since that time, November sales dropped nearly 17%, raising the eyebrows of many in the industry.
Recreational weed sales on the other hand, have remained steady, plateauing at $31.2 million in November compared to $31.6 million in each of the two months previous. Some are speculating that the decrease in medical marijuana sales are due to legalization of retail sales which occurred during the start of January 2014; however, if this was in fact the case, how would that explain recreational sales that also saw a minor decrease?
Competition and black-market sales, where grass is always greener and cheaper on the other side, may also be culprits for dwindling sales in the medical marijuana market, but not as much as seasonality trends. As ski resorts and tourism begin to turn up in Colorado, industry experts are expecting the lack of demand to turnaround.