For more than 12 years, Colorado has been a leader in the recreational cannabis industry.
But as more states legalize the recreational use of marijuana, sales of marijuana are dropping throughout Colorado.
On an upcoming episode of Real Talk with Micah Smith, business owners and city leaders share statistics and personal experiences, giving insight into the state of the cannabis industry.
Watch a preview of this week's show in the video below:
Tetra Lounge was the first cannabis consumption lounge to open in Denver.
Tetra Lounge owner Dewayne Benjamin said when his businesses first opened there were fewer regulations and he's had to implement several changes to his operations.
Benjamin plans to close the original location and open in a different part of the city.
“Now it’s just a time to upgrade and change to further the business model,” Benjamin said.
Molly Duplechian, director of Denver’s Licensing and Consumer Protection Department, has been keeping an eye on sales.
“We have been seeing a decrease in marijuana sales since they peaked in 2020 during COVID and we think there’s a couple reasons why that’s happening. Additional states have opted in — they’ve started having retail marijuana sales as well. Other cities in Colorado are seeing that as well. People have less discretionary income today than they used to. And I think another reason we’re seeing is there were some changes at the federal level from the Farm Bill that have allowed for intoxicating hemp sales in other states,” Duplechian said.
In 2027, Denver’s social equity program is also set to end, a program that helps people with previous convictions start businesses in the now legalized market.
“So the license exclusivity — which means that most marijuana business licenses right now are exclusive only to social equity applicants and reduced fees — is another benefit of the program that will be sunsetting in a year,” Duplechian said.
Duplechian said right now the city is asking for feedback on the program.
Full episodes of Real Talk with Micah Smith air on Sundays at 5:30 p.m. on Denver7.
