Denver’s marijuana industry is experiencing its first downturn since the legalisation of recreational use over a decade ago. Sales and revenue have been on a steady decline since the peak levels recorded in 2020, with 2024’s figures showing a stark contrast. The first seven months of this year brought in only $180 million compared to $715 million in 2020. Similarly, revenue has dwindled from $72.9 million in 2021 to $48.5 million in 2023. Experts attribute this decrease to the broad legalisation of marijuana in other states, reducing the influx of out-of-state buyers, and shifting consumer priorities post-pandemic, where stricter budgeting means marijuana purchases are being deprioritised.

Shannon Donnelly, a cannabis professor in Denver, highlights that dispensaries can no longer rely solely on the allure of legalisation to attract business, emphasising the need for unique offerings to stand out in the saturated market. Eric Escudero from the Denver Department of Excise and Licences points out the changing supply and demand dynamics, as more states legalise marijuana, lessening Denver’s unique draw. For more details, visit NewsNation.