Concentrates comprised a larger portion of the cannabis industry market last year compared to their share immediately following legalization, with the entire industry reaching maturity, concluded a report released by the state’s Marijuana Enforcement Division on Monday.

“Though consolidation continued in 2019, Colorado remains a highly competitive marketplace for marijuana businesses. The largest five operators accounted for 18% of total market sales in 2019, while the top 10 operators accounted for 25% of sales,” the report from the University of Colorado Leeds School of Business and MPG Consulting found.

The 2019 Regulated Marijuana Market Update indicated that concentrates made up 32% of the recreational cannabis products market, an increase from 11% in 2014. Edibles have shrunk slightly from 15% to 13% during the five-year period, and whereas marijuana flowers used to be three-quarters of the market, now they are barely half.

Researchers found that 90% of all transactions for recreational products were under $100, with the median price of a purchase being $51.89. Of the marijuana produced, only 3% was seized, destroyed, or otherwise removed from the supply chain.

Also new: 2019 marked the first instance that the price per gram of marijuana flower ended the year being more expensive than at the beginning of the year.

“Since 2014, prices for almost all regulated marijuana products have continued to decline due to improvements in production efficiencies and competition,” researchers wrote. “In 2019, we observed the first indications that prices may be reaching a floor, possibly related to sustainable profit margins and the limits of technology or efficiency. Despite these low prices, total sales have continued to increase substantially year over year.”