US (CO): "Decline in cannabis prices squeezes growers' livelihoods"

Cannabis cultivators in Colorado are feeling the pinch of declining wholesale prices for their product, forcing some out of business and others to diversify into side business prospects that provide a more reliable source of income.

Monday's release of the state's October and November cannabis tax and sales figures showed a continued drop in a yearlong decline in sales, cannabis industry groups said. 

October saw 20% less revenue from cannabis sales compared to the year before. The wholesale price of a pound of cannabis dropped by nearly half from October 2021 to about $650 per pound, according to data from the state.

"I think it was just a matter of oversaturation. A lot of people got into the game and got into the industry," Vontrez Wilson, grower and owner of cultivation company Optimum Grow, said.

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