Colorado Legal Cannabis Market Size, Share & Trends Analysis Report By Source (Marijuana, Hemp), By Product (Flowers, Oils And Tinctures), By End-use (Medical, Industrial, Recreational), And Segment Forecasts, 2023 - 2030

Market Size & Trends

The Colorado legal cannabis market size was valued at USD 864.4 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 16.3% from 2023 to 2030. The growth is attributed to the rising increasing technological advancement coupled with ease of access to cannabis products. For instance, in November 2022, a pioneer in water-soluble, fast-acting THC, Ripple, announced the launch of Revive, a CBG dissolvable product. Moreover, the increasing prevalence of chronic diseases coupled with increasing awareness regarding the medical benefits offered by cannabis products is anticipated to drive the market over the forecast period.

Legalization Timelines

• 1975: Based on the National Commission on Marijuana and Drug Abuse, or the Shafer Commission, Colorado decriminalized marijuana. Under the law, adults can possess less than one ounce of marijuana. If the person is found possessing more than an ounce, the possessor will be liable for USD 100 fine.

• 2000: Colorado voters legalized medical marijuana by passing the Medical Use of Marijuana Act, also known as Amendment 20, by 54% of votes. The law enables the use of medical marijuana by patients suffering from debilitating health conditions

• 2006: Amendment 44 offered by the general election for the legalization of marijuana failed with 58% of votes. However, in Breckenridge, Amendment 44 was passed with 70% of the votes. If passed, Amendment 44 could have allowed legal possession of one ounce of marijuana by people with age equal to 21 or older. Although public consumption was not allowed under Amendment 44

• 2009: Breckenridge voters passed a town law by 71 percent of votes. The law permits possession of less than one ounce of cannabis, and if found guilty of possessing more than one ounce, the person will be liable for a fine of USD 100 and a court appearance. However, the possession of marijuana remains illegal under the state law

• 2012: Colorado passed Amendment 64 with 55% of votes. Under Amendment 64, a person with age 21 years and older having a valid government ID can smoke, possess, and purchase marijuana. The state residents are allowed to buy up to one ounce of marijuana in a single transaction

• 2013: The Colorado Department of Revenue implemented final regulations for the recreational use of marijuana. This includes licensing fees, security requirements, inventory tracking, packaging, advertisement, and waste disposal. The regulations came into effect on October 15, 2013. Moreover, in November 2013, Proposition AA was passed by voters, which proposed a tax on marijuana sales for recreational use

• 2021: The Colorado Assembly introduced ten bills related to the marijuana state regulations, of which eight bills passed, such as a) Criminal Marijuana Offenses, b) Correcting Errors in the Colorado Marijuana Code, c) Unemployment Insurance Marijuana-licensed Business, d) Marijuana Licensees Ability to Change Designation, e) Cannabis Outdoor Cultivation Measures, f) Regulating Marijuana Concentrates, g) Expand Cannabis-based Medicine at Schools, h) Program to Support Marijuana Entrepreneurs

Marijuana tax revenue, Colorado, 2022

Regulations and Norms

Colorado legalized medical marijuana in 2000 after the approval of the Medical Use of Marijuana Act. Under the law, patients suffering from debilitating medical conditions can utilize medical marijuana with approval from a licensed physician. Some of the medical conditions include glaucoma, cancer, severe pain, and seizures.

Cannabis businesses in the state are required to obtain a license from the Marijuana Enforcement Division (MED) of the Colorado Department of Revenue. Various cannabis licenses, such as for cultivation, manufacturing, stores, transporters, R&D, hospitality, and testing facilities, are approved by MED.

Recreational Use

• Legal age for the purchase or possession of cannabis in Colorado is 21 years or older

• Adults over 21 years of age can possess or buy one ounce of marijuana per transaction

• Licensed retailers can only sell cannabis products

• Under state law, marijuana retailers can operate between 8 a.m. to midnight.

• Consumption of cannabis products in public places such as amusement parks, sidewalks, ski resorts, businesses, concerts, cafes, restaurants, and bars is illegal.

• According to the Colorado Department of Revenue, a 15% of tax is charged on all retail sales of cannabis products,

Medical Use

• According to Colorado State University Police Department, a patient can possess a maximum of two ounces of marijuana in usable form

• The legal age for the possession of medical marijuana is 18 years or older

• To purchase marijuana for medical purposes, the patient is required to obtain a registry identification card issued by the Colorado Department of Public Health and Environment

• Marijuana in the form of seeds, buds, flowers, and leaves or any preparation or mixture of the cannabis plant can be used for medical purposes

  

Colorado Legal Cannabis Market Report Scope

Global Colorado Legal Cannabis Market Report Segmentation

This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research, Inc. has segmented the Colorado legal cannabis market report based on source, product, and end-use:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Flowers

  • Oils and Tinctures

• Source Outlook (Revenue, USD Million, 2018 - 2030)

  • Marijuana

  • Hemp

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Recreational

  • Medical

  • Industrial