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Colorado Marijuana Market Report Paul Seaborn, Ph.D. Daniels College of Business December 2016
Colorado Marijuana Market Report - December 2016
2
December 2016
Colorado Marijuana Market
Report
based on
License data from the Colorado Marijuana Enforcement Division (MED)
conducted by
Paul Seaborn, Ph.D.
of the
Daniels College of Business,
The University of Denver
Copyright 2016
Colorado Marijuana Market Report - December 2016
3
Notable Observations • The total number of active marijuana business licenses issued by the Colorado Marijuana Enforcement Division (MED) continues to grow and is now at an all-time record high of 2,913.
• 54% of active licenses are for medical marijuana businesses and 46% for recreational/retail businesses.
• Of the eight categories of licenses, the two fastest-growing categories since January 2016 have been Retail Marijuana Products Manufacturing (up 40% from 168 licenses to 236) and Retail Marijuana Cultivation Facilities (up 22% from 514 licenses to 625)
• Medical and retail cultivations represent the largest number of total licenses, followed by medical centers.
• The City and County of Denver has over 1/3 of state’s active marijuana licenses (1,244), followed by Colorado Springs, Boulder, Pueblo, and Pueblo West. Aurora and Trinidad have now passed Fort Collins in terms of the number of active licenses.
• The largest license-holders in the state operating under a single name are Native Roots (62), LivWell (49), and SweetLeaf (34). While the largest license-holders continue to increase their share of total licenses, no single organization name represents more than 2.5% of the state’s licenses.
Methodology: This analysis is based on raw license data provided by the Colorado MED on a monthly basis. Each business license represents a separate operating location for one of the eight types of marijuana businesses (four medical, four retail). Data errors in the raw MED data have been checked and corrected where possible but some may remain. The largest license-holders have been identified based on common license names (e.g. Native Roots Vail, Native Roots Boulder) rather than owner names. License totals do not directly reflect the level of economic activity in the Colorado marijuana industry. To receive a copy of future Colorado Marijuana Market Reports, to provide feedback, request additional information or suggest additional industry analysis, please contact:
Paul Seaborn Assistant Professor - Department of Management
Daniels College of Business University of Denver 303-475-4687
paul.seaborn@du.edu www.paulseaborn.com
Colorado Marijuana Market Report - December 2016
4
The total number of Colorado marijuana licenses has grown steadily since 2013, with a significant one-month increase in January 2014 after the legalization of recreational marijuana as a result of the passing of Amendment 64. Note: The only license data available prior to January 2014 was for Medical Centers.
313 32
832
8 373
373 38
9 416
416 45
2 470 48
448
8
1708 17
361827 18
53 1865 19
10 1919 19
70 2027 20
77 2089 21
86 2215 22
932328 23
66 2376 24
31 2444 24
64 2507 25
4125
4425
38 2590
2586
2588 26
63 2691 27
52 2782 28
24 2850 28
76 2892 29
13
Medical
Recreational/Retail
010
0020
0030
00
01 Jan 13 01 Jan 14 01 Jan 15 01 Jan 16 01 Jan 17month
Source: DU Prof. Paul Seaborn's analysis of Colorado Marijuana Enforcement Division data
Jan 2013 - Present# of Active Colorado Marijuana Licenses
Colorado Marijuana Market Report - December 2016
5
020
040
060
080
0
01 Jan 13 01 Jan 14 01 Jan 15 01 Jan 16 01 Jan 17month
Medical Center Medical CultivationRetail Cultivation Retail DispensaryMedical Infused Retail Product ManufacturingRetail Testing Medical Testing
Source: DU Prof. Paul Seaborn's analysis of Colorado Medical Enforcement Division data
# of Colorado Marijuana Licenses by Type
Medical Centers
Medical Cultivations
Medical Infused ManufacturersMedical Testing
Retail Cultivations
Retail Stores
Retail ManufacturersRetail Testing
010
0020
0030
00
01 Jan 13 01 Jan 14 01 Jan 15 01 Jan 16 01 Jan 17month
Source: DU Prof. Paul Seaborn's analysis of Colorado Marijuana Enforcement Division data
Jan 2013 - Present# of Active Colorado Marijuana Licenses
Colorado Marijuana Market Report - December 2016
6
Medical Centers
Medical Cultivation
Medical Infused
Medical Testing0
500
1000
1500
01 Jan 13 01 Jan 14 01 Jan 15 01 Jan 16 01 Jan 17month
Source: DU Prof. Paul Seaborn's analysis of Colorado Medical Enforcement Division data
Jan 2013 to Present# of Active Colorado Licenses - Medical Only
Retail Cultivation
Retail Dispensary
Retail Mfg
Retail Testing
050
010
0015
00
01 Jan 14 01 Jan 15 01 Jan 16 01 Jan 17month
Source: DU Prof. Paul Seaborn's analysis of Colorado Medical Enforcement Division data
Jan 2014 to Present# of Active Colorado Retail Licenses - Retail Only
Colorado Marijuana Market Report - December 2016
7
050
010
0015
00
01 Jan 13 01 Jan 14 01 Jan 15 01 Jan 16 01 Jan 17month
Denver Colorado SpringsBoulder PuebloPueblo West
Source: DU Prof. Paul Seaborn's analysis of Colorado Medical Enforcement Division data
# of Colorado Marijuana Licenses - Top 5 Cities
020
4060
01 Jan 13 01 Jan 14 01 Jan 15 01 Jan 16 01 Jan 17month
Aurora TrinidadFort Collins DurangoSteamboat Springs CarbondaleWheatridge TellurideGarden City Lafayette
Source: DU Prof Paul Seaborn's analysis of Colorado MED data. Excludes Top 5 cities by # of licenses
# of Colorado Marijuana Licenses - Cities 6th-15th
Colorado Marijuana Market Report - December 2016
8
Denver
Colorado Springs
BoulderPueblo
Pueblo West
050
010
0015
0020
00
01 Jan 13 01 Jan 14 01 Jan 15 01 Jan 16 01 Jan 17month
Source: DU Prof. Paul Seaborn's analysis of Colorado Marijuana Enforcement Division data
Jan 2013 - Present# of Active Colorado Marijuana Licenses - Top 5 Cities
010
020
030
040
0
01 Jan 13 01 Jan 14 01 Jan 15 01 Jan 16 01 Jan 17month
Lafayette Garden CityTelluride Wheat RidgeCarbondale SteamboatDurango Fort CollinsTrinidad Aurora
Source: DU Prof. Paul Seaborn's analysis of Colorado Marijuana Enforcement Division data
Jan 2013 - Present# of Active Colorado Marijuana Licenses - Cities 6th-15th
Colorado Marijuana Market Report - December 2016
9
020
4060
01 Jan 13 01 Jan 14 01 Jan 15 01 Jan 16 01 Jan 17month
Native Roots LivwellSweet Leaf Green SolutionBuddy Boy Maggie's FarmThe Clinic Pure MedicalRocky Mountain Remedies Silver Stem
Source: DU Prof. Paul Seaborn's analysis of Colorado Medical Enforcement Division data
Jan 2013 to PresentTop Ten Colorado Marijuana License Holders
Native Roots
LivWell
Sweet LeafGreen Solution
Buddy BoyMaggie's Farm
The ClinicPure Medical
Rocky Mtn RemediesSilver Stem
010
020
030
0
01 Jan 13 01 Jan 14 01 Jan 15 01 Jan 16 01 Jan 17month
Source: DU Prof. Paul Seaborn's analysis of Colorado Marijuana Enforcement Division data
Jan 2013 - PresentTop Ten Colorado Marijuana License-Holders
Colorado Marijuana Market Report - December 2016
10
LICENSE_TYPE Freq. Percent Cum. Infused Product Manufacturer 254 8.72 8.72 Medical Licensed Center 528 18.13 26.85 Medical Marijuana Testing 14 0.48 27.33 Optional Premises Cultivation 791 27.15 54.48 Retail Marijuana 454 15.59 70.07 Retail Marijuana Cultivation Facility 625 21.46 91.52 Retail Marijuana Products Mfg 236 8.10 99.62 Retail Marijuana Testing Facility 11 0.38 100.00 Total 2,913 100.00 Top 15 Colorado Cities Medical Recreational Total AURORA 1 60 61 BOULDER 62 89 151 CARBONDALE 8 15 23 COLORADO SPRINGS 365 0 365 DENVER 752 492 1,244 DURANGO 15 17 32 FORT COLLINS 30 27 57 GARDEN CITY 8 10 18 LAFAYETTE 8 10 18 PUEBLO 33 97 130 PUEBLO WEST 25 50 75 STEAMBOAT SPRINGS 13 14 27 TELLURIDE 10 13 23 TRINIDAD 20 40 60 WHEAT RIDGE 11 13 24 Total 1,361 947 2,308
Colorado Marijuana Market Report - December 2016
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>10 Active Licenses Freq. Percent Cum. NATIVE ROOTS 62 2.13 2.13 LIVWELL 49 1.68 3.81 SWEET LEAF 34 1.17 4.98 THE GREEN SOLUTION 27 0.93 5.90 BUDDY BOY 25 0.86 6.76 MAGGIES FARM 22 0.76 7.52 PURE MEDICAL 21 0.72 8.24 THE CLINIC 17 0.58 8.82 ROCKY MOUNTAIN REMEDIES 16 0.55 9.37 SILVER STEM FINE CANNABIS 16 0.55 9.92 ADAMS GREEN CROSSING 15 0.51 10.44 GREEN TREE MEDICINALS 15 0.51 10.95 HGCO 15 0.51 11.47 MMJ AMERICA 15 0.51 11.98 LIGHTSHADE 14 0.48 12.46 STARBUDS 14 0.48 12.94 NEW AGE MEDICAL 13 0.45 13.39 A CUT ABOVE 11 0.38 13.77 ALTITUDE ORGANIC 11 0.38 14.14 BEST BUDZ 11 0.38 14.52 FROSTED LEAF 11 0.38 14.90 COLORADO HARVEST COMPANY 10 0.34 15.24 DOCTORS ORDERS 10 0.34 15.59 GREEN DRAGON 10 0.34 15.93 INFINITE WELLNESS CENTER 10 0.34 16.27 TRU CANNABIS 10 0.34 16.62
Colorado Marijuana Market Report - December 2016
12
city Freq. Percent Cum. DENVER 1,244 42.71 42.71 COLORADO SPRINGS 365 12.53 55.24 BOULDER 151 5.18 60.42 PUEBLO 130 4.46 64.88 PUEBLO WEST 75 2.57 67.46 AURORA 61 2.09 69.55 TRINIDAD 60 2.06 71.61 FORT COLLINS 57 1.96 73.57 DURANGO 32 1.10 74.67 STEAMBOAT SPRINGS 27 0.93 75.59 WHEAT RIDGE 24 0.82 76.42 CARBONDALE 23 0.79 77.21 TELLURIDE 23 0.79 78.00 GARDEN CITY 18 0.62 78.61 LAFAYETTE 18 0.62 79.23 LAKEWOOD 17 0.58 79.81 LOG LANE VILLAGE 17 0.58 80.40 ASPEN 16 0.55 80.95 AVON 16 0.55 81.50 GUNNISON 16 0.55 82.05 PENROSE 16 0.55 82.60 MOFFAT 15 0.51 83.11 RIFLE 15 0.51 83.63 IDAHO SPRINGS 14 0.48 84.11 NORTHGLENN 14 0.48 84.59 CORTEZ 13 0.45 85.03 OAK CREEK 13 0.45 85.48 PAGOSA SPRINGS 13 0.45 85.93 WALSENBURG 12 0.41 86.34
Colorado Marijuana Market Report - December 2016
13
AVONDALE 11 0.38 86.71 DUMONT 11 0.38 87.09 GLENWOOD SPRINGS 11 0.38 87.47 BOONE 10 0.34 87.81 EDGEWATER 10 0.34 88.16 GLENDALE 10 0.34 88.50 HENDERSON 10 0.34 88.84 LEADVILLE 10 0.34 89.19 RIDGWAY 10 0.34 89.53 BRECKENRIDGE 9 0.31 89.84 COMMERCE CITY 9 0.31 90.15 CRESTED BUTTE 9 0.31 90.46 FLORENCE 9 0.31 90.77 MONTROSE 9 0.31 91.07 PARACHUTE 9 0.31 91.38 SALIDA 9 0.31 91.69 TABERNASH 9 0.31 92.00 BAILEY 8 0.27 92.28 SAN LUIS 8 0.27 92.55 ALMA 7 0.24 92.79 CENTRAL CITY 7 0.24 93.03 FAIRPLAY 7 0.24 93.27 EDWARDS 6 0.21 93.48 HARTSEL 6 0.21 93.68 LONGMONT 6 0.21 93.89 NEDERLAND 6 0.21 94.10 PALMER LAKE 6 0.21 94.30 ANTONITO 5 0.17 94.47 BASALT 5 0.17 94.64 CANON CITY 5 0.17 94.82 COLORADO CITY 5 0.17 94.99
Colorado Marijuana Market Report - December 2016
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EMPIRE 5 0.17 95.16 ENGLEWOOD 5 0.17 95.33 LYONS 5 0.17 95.50 MANCOS 5 0.17 95.67 DE BEQUE 4 0.14 95.81 EAGLE 4 0.14 95.95 EVERGREEN 4 0.14 96.09 FEDERAL HEIGHTS 4 0.14 96.22 FRISCO 4 0.14 96.36 GEORGETOWN 4 0.14 96.50 LITTLETON 4 0.14 96.64 RYE 4 0.14 96.77 SEDGWICK 4 0.14 96.91 SILVERTHORNE 4 0.14 97.05 SILVERTON 4 0.14 97.19 BERTHOUD 3 0.10 97.29 BLACK HAWK 3 0.10 97.39 CENTER 3 0.10 97.49 DILLON 3 0.10 97.60 FLORISSANT 3 0.10 97.70 FORT GARLAND 3 0.10 97.80 FRASER 3 0.10 97.91 LOUISVILLE 3 0.10 98.01 MANITOU SPRINGS 3 0.10 98.11 PALISADE 3 0.10 98.21 ROCKY FORD 3 0.10 98.32 SAGUACHE 3 0.10 98.42 ALAMOSA 2 0.07 98.49 BEULAH 2 0.07 98.56 BLANCA 2 0.07 98.63 BUENA VISTA 2 0.07 98.70
Colorado Marijuana Market Report - December 2016
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CASCADE 2 0.07 98.76 DIVIDE 2 0.07 98.83 HAYDEN 2 0.07 98.90 HESPERUS 2 0.07 98.97 LAKE GEORGE 2 0.07 99.04 MONTEZUMA 2 0.07 99.11 MOUNTAIN VIEW 2 0.07 99.18 OPHIR 2 0.07 99.24 SAN PABLO 2 0.07 99.31 SILT 2 0.07 99.38 VILLA GROVE 2 0.07 99.45 BOND 1 0.03 99.49 CHAMA 1 0.03 99.52 COMO 1 0.03 99.55 CRAIG 1 0.03 99.59 DOWNIEVILLE 1 0.03 99.62 GOLDEN 1 0.03 99.66 GYPSUM 1 0.03 99.69 JEFFERSON 1 0.03 99.73 KEYSTONE 1 0.03 99.76 NEW CASTLE 1 0.03 99.79 NIWOT 1 0.03 99.83 NORWOOD 1 0.03 99.86 SILVER PLUME 1 0.03 99.90 SNOWMASS 1 0.03 99.93 WATKINS 1 0.03 99.97 WINTER PARK 1 0.03 100.00 Total 2,913 100.00
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