For Colorado’s cannabis industry, 2020 was a boom year. While other sectors saw their operations severely cut down amid lockdown and self-distancing orders, Colorado categorized cannabis as essential, allowing marijuana businesses to continue selling with coronavirus-related measures in place. Even before transactions for November had been tallied, the state had hit $2 billion in medical and recreational cannabis sales.
These record-breaking sales can partly be attributed to record high, wholesale, cannabis-bud (flower) prices that in 2020 increased to levels unseen since 2016. According to the Colorado Department of Revenue, the average market price by wholesalers for a pound of marijuana flower reached $1,721 as of Jan. 1, a price last seen in July 2016. This hike in price has been fueled by increased…
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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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