Colorado’s cannabis industry continues to break its own performance records from the previous years, according to the latest data from the state Department of Revenue.
Throughout the first eight months of 2017, the state raked in more than $1 billion from the combined sale of medical and recreational marijuana – a feat that took 10 months to accomplish back in 2016.
This means that not only has the state experienced a more than 20 percent increase in overall cannabis sales, but it has also secured more than $162 million in taxes and fees.
A breakdown of the data, which provided by the Denver Post’s marijuana-specific webzine The Cannabist, shows that the majority of the flower, edibles and concentrates were sold through the state’s recreational sector ($100.3 million), while almost another $37 million was earned through the medical marijuana community.
The news of Colorado’s burgeoning cannabis market should come as no surprise. In February, just one month after President Donald Trump started raising his own unique brand of hell in the White House, some of the data coming out of the Centennial State showed that dispensaries had already sold slightly over $126 million worth of cannabis products – a 15 percent increase from what was sold during the month of January.
It was apparent, at that point, that Colorado was destined for a bang-up year in the realm of legal weed.
What’s more is a recent analysis shows the state has managed to generate well over $500 billion in tax revenue since it officially launched its retail pot industry back in 2014. All of this money has been set aside to better the public education system, as well strengthen criminal justice and substance abuse programs.
Some of the local jurisdictions are even using this new revenue stream to help the homeless.
In 2014, the state sold $699,198,805 worth of weed, while taking it up a notch the next year – showing year sales topping out at $996,184,788. However, last year, the state finally became an official billion-dollar marketplace, coming in at $1.3 billion in overall sales.
The retail pot market is expected to continue growing for a while, eventually leveling out, some experts say.
“Economists and state officials have projected that the annual growth rates for Colorado’s cannabis sales will eventually moderate as the local market matures and other states adopt recreational cannabis measures,” wrote Alicia Wallace for The Cananbist.
