Spurred on by 4/20 celebrations, Colorado retailers sold $125.2 million of medical and recreational pot this April. The state's cannabis industry has been constantly growing since recreational cannabis use was legalized in 2014, and this April marked the 11th straight month that the state's cannabis industry brought in over $100 million in sales revenue.
Out of the total April sales, around $88 million came from recreational sales, while medical sales came out to nearly $37 million. The total sales for the first quarter of 2017 were close to $492 million, which is almost a 27% increase over the $388 million in cannabis sold during the first four months of 2016. Cannabis sales have already brought the state over $76 million in taxes and fees this year, according to the Colorado Department of Revenue.
Some analysts believe that the state's marijuana industry is in a boom, and will eventually top out and settle to a regular, predictable amount. However, other cannabis insiders believe that the industry's growth spurt is not over yet,.
“The year-over-year rates of growth have continued at a steady pace, which to me indicates that we have not yet reached the point at which we are starting to cap out the market,” said Andrew Livingston, director of economists for cannabis law firm Vicente Sederberg.