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Colorado’s Cannabis Industry Contracting, Hurting Tax Revenue

Aug. 10, 2022, 4:29 PM

The pot business is going from green to red in Colorado and dispensaries are closing.

Its first-in-the-nation statewide recreational cannabis industry is contracting amid competition from other states, the Colorado Sun reports.

Aggravating the situation is a saturated retail market as Colorado continues to issue new sales licenses.

Through July, cannabis taxes and fees collected by the state dropped 21% from the same period of 2021 as shops closed.

Marijuana flower prices have fallen to about $700 a pound this year from $1,300 in 2021, the Sun said.

Colorado legalized recreational marijuana in 2014.

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