After sitting at record lows since last October, Colorado's cannabis prices are finally trending upward... sort of.

Buoyed by strong performances during the COVID-19 pandemic, this state's dispensaries broke $2.2 billion in sales in 2021, but since then, the Colorado pot industry has been in a downward spiral. Wholesale cannabis prices hit bottom last July and stayed there for almost a year, according to state data, and dispensary sales dropped 21 percent from 2021 to 2022.

The down market has led to business closures and job cuts, with the state's cannabis workforce dropping almost 30 percent from 2022 to 2023. But in the Colorado Marijuana Enforcement Division's latest memo on cannabis prices, growers and dispensaries finally got a morsel of positive news.

According to the MED, the average market rate (AMR) for a pound of retail cannabis flower increased about 8.3 percent from April to July, from $649 to $703. This is the first bump in nearly two years for wholesale flower prices, but the Colorado pot industry isn't breathing a sigh of relief just yet. July's numbers for wholesale flower still represent a 60 percent dip from the $1,721 growers commanded in 2021.