Cannabis sales in Colorado have been plummeting for three consecutive months. In fact, based on official state data for the month of October, revenue is almost 12 percent less than it was at the same time last year.

October sales of legal cannabis in Colorado amounted to just $176.3 million. Comparatively,  Department of Revenue figures indicates that sales revenue totaled $199.8 million in October 2020. 

Nonetheless, industry experts are not overly concerned about the dwindling revenue, considering the fact that sales are renowned for being less during the fall.

Colorado legalized cannabis for recreational use in 2012 under Colorado Amendment 64. Prior to this, medical cannabis was already legal for 12 years.

25 percent reduction in Colorado’s cannabis sales from October 2020 to October 2021

Colorado’s medical cannabis sales tumbled down a slippery slope from October 2020 to October 2021 — a period of time that registered a 25 percent decrease, with sales revenue sliding from $38.8 million in October of last year to $29.2 million in October of this year. 

Additionally, recreational cannabis sales in Colorado dropped by nine percent during the same period, decreasing to $147.1 million from $161 million.

To put these disappointing figures into perspective, October’s sales revenue is 22 percent less than the $226.3 million that the state generated in July 2020. 

Moreover, Colorado’s cannabis sales revenue is 15 percent less than the record-breaking $202.8 million that was earned through the legal industry in March. It’s not all bad, however. 

Analysts have highlighted the fact that, despite a waning three-month period for Colorado’s cannabis revenue, the industry still managed to rake in $1.9 billion for the first 10 months of 2021. Comparatively, the same period last year generated $1.83 billion.

Activists file Colorado ballot initiatives to legalize psychedelics for healing purposes

Colorado’s legal cannabis industry has had a major influence on other avenues of natural medicine, with a national advocacy group called ‘New Approach PAC’ recently submitting two unique psychedelic reform measures for Colorado’s 2022 ballot. 

Next year, state residents could have the opportunity to vote on the measures, both of which are titled, “the Natural Medicine Healing Act.” A successful vote would effectively legalize the personal cultivation and possession of psychedelics. Consequently, a system of licensed businesses would be granted the opportunity to produce substances like DMT, ibogaine, mescaline and psilocybin for supervised consumption at “healing centers.”

Denver was likely a source of inspiration for these psychedelic legalization measures, with the Colorado city decriminalizing psilocybin mushrooms more than two years ago. Since this time, research into alternative types of psychedelic substances, such as ketamine, LSD, MDMA and psilocybin, has stimulated legalization discussions across the U.S. and beyond.