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Colorado’s cannabis industry prepares for tough times as U.S. recession looms

Colorado’s cannabis industry is preparing for tough times as marijuana sales drop and economic problems pile up. During the COVID-19 pandemic lockdowns, weed businesses serviced consumers eager to stock up on their favorite edibles, concentrates and pre-rolls. That high has since given way to a low for the industry, as less consumer spending means sales are falling in both the recreational and medical markets, according to Headset, which provides insights into cannabis consumer trends. In Colorado, total sales for marijuana stood at $153 million in April – a 26% decrease compared to about $206 million sold that month last year, according to the Marijuana Industry Group, the trade association for the state’s cannabis industry. Medical sales specifically took a hit, plunging to about $20 mil...

Buddy Boy dispensaries will shutter their doors Friday as state’s weed sales tumble

Published: Jun 19, 2022, 12:54 pm • Updated: Jun 19, 2022, 12:54 pm By Megan Ulu-Lani Boyanton Buddy Boy Brands’ seven metro-area dispensaries will shutter their doors permanently on Friday, with the owner blaming a market downturn and high costs. John Fritzel took over Buddy Boy in June 2014. Buddy Boy’s locations dot the Denver area, selling flower, concentrates, edibles, topicals and more. Fritzel, who also owns dispensaries Lightshade and PotCo, initially said sales tumbled off of a cliff, forcing him to close Buddy Boy. However, he admits “a tax balance” is also a contributing factor. Read the rest of this story on DenverPost.com.

Man ordered to pay $2.5 million restitution to four victims in marijuana fraud

Published: Nov 16, 2020, 3:16 pm • Updated: Nov 16, 2020, 3:19 pm By Kieran Nicholson A former Aspen businessman sentenced to 12 years in prison has been ordered to pay nearly $2.5 million in restitution to four victims swindled in a black-market marijuana scheme. Scott Pack was sentenced to prison in July by Arapahoe County District Judge Michael Spear under the Colorado Organized Crime Control Act on a first-class drug felony conviction, as well as two counts of securities fraud. Arapahoe County District AttorneyScott Pack Read the rest of this story on DenverPost.com.

Colorado marijuana sales blow past $200 million in July

Colorado cannabis sales set a record yet again in July, eclipsing $200 million in a single month for the first time. Dispensaries sold $183,106,003 in recreational marijuana and $43,268,565 in medical marijuana in July, for a combined $226,374,568 in revenue, according to data from the Colorado Department of Revenue. That’s up 13.8% from June, another record-setting month when the industry raked in nearly $199 million. So far in 2020, consumers have purchased more than $1.2 billion worth of cannabis products and the state has collected $203 million in taxes. Read the rest of this story on DenverPost.com.

Colorado marijuana sales hit a record $1.75 billion in 2019

Published: Feb 18, 2020, 1:10 pm • Updated: Feb 18, 2020, 1:11 pm By Tiney Ricciardi Last year was the most lucrative 12 months for cannabis sales in Colorado since the state’s voters legalized recreational marijuana. Medical and recreational cannabis sales hit a record $1.75 billion in 2019, up 13% from 2018, according to data from the Department of Revenue’s Marijuana Enforcement Division. Marijuana tax collections also hit an all-time high, at more than $302 million in 2019. RELATED: “Where’s all that marijuana money?” Colorado’s pot dollars help schools, but maybe not as much as you think Read the rest of this story on DenverPost.com.