Colorado’s most profitable month was December, with dispensaries selling just shy of US$144 million in products.
Colorado is selling loads of weed and, consequently, the green is rolling in.
The spike in sales is highly beneficial to the state, which has taken in a whopping US$302.4 million in tax revenues thanks to cannabis. The funds will be divided among a variety of community programs, including law enforcement, drug and substance abuse education, school construction and public health and safety.
Although last year the state’s sales seemed to have reached a plateau, legal cannabis sales have soared 13 percent since 2018, compared to just 2.5 percent from 2017 to 2018. The state legalized the drug for adult use in 2014.
“To see it turn around in 2019 is a bullish indicator that price compression can’t keep the popularity of legal cannabis down,” Tom Adams, managing director of industry intelligence for cannabis market research firm BDS Analytics, told CNN Business.
Adams said the state’s increased sales can be credited to changes in the buying habits of Colorado cannabis consumers, as well as the rising popularity of infused products like edibles, topicals and extracts.
“It’s just become a part of people’s lives more and more,” he explained, citing studies from BDS Analytics that suggest the number of adults consuming the drug has increased over the past six-month period.
Colorado’s most profitable month of the year with regard to cannabis was December, when dispensaries sold almost US$144 million in products.
Since the legalization of adult-use cannabis in 2014, Colorado dispensaries have sold almost US$7.79 billion worth of cannabis products (leading to over US$1 billion in tax revenue) which could explain why, unlike in many states, the drug has been embraced with little controversy and strong political support.
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Written by Emma Spears