Despite the sequential rebound, cannabis sales for the state are still down year-over-year.

Colorado’s hard-hit marijuana market had an 11% sales rebound in March, the state reported last week, up to $126.6 million in sales from $114.4 million in February. Based on state tax revenues collected in April, that month’s sales are on pace to be even better.

While the Colorado Department of Revenue took in $20.8 million in taxes for March, it collected $23.2 million in April, the agency disclosed. So far this year, Colorado marijuana companies have sold a total of $356.4 million in cannabis products. Total all-time cannabis sales since January 2014 have reached $15.8 billion.

The department didn’t have total sales figures for April yet to share, but the larger tax influx means that sales would have been up significantly from the month before, possibly giving some hope to businesses that the Colorado cannabis market may finally be stabilizing. Colorado has a 2.9% sales tax, a 15% retail marijuana sales tax, and a 15% excise tax on wholesale marijuana sales between businesses.

Despite the rebound, sales are still down year-over-year from $139.6 million in March 2023, from $162.5 million in March 2022, and from $207.1 million in March 2021, according to state data.

In 2023, the Colorado cannabis market had its worst performance since 2017, despite more than $1.5 billion in sales. The saturated state has become a cautionary tale for regulators in other regions, as Colorado’s marijuana business community has lost hundreds of companies in the past few years.

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