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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