Colorado Cannabis Breaks Sales Record (Again)
The Colorado cannabis industry raked in record revenue last month, bringing in $117.4 million in total receipts. It’s the third time in the history of the state’s legal cannabis program that total sales topped $100 million.
A majority of the windfall — $76.7 million —came from adult-use cannabis sales, according to state figures. The previous peak in the recreational market came in December 2015, when retail shops brought in $62.2 million.
As The Cannabist notes, the record industry numbers also mean a big windfall for the state:
The more than $5.5 million collected in excise tax is a monthly record from when recreational sales began in January 2014, and brings the yearly total to $16.7 million.
Through four months, Colorado has amassed almost $57 million in taxes and fees for medical and recreational cannabis.
But April is no ordinary month in the cannabis community, and 4/20 played an outsized role in the record sales. The week preceding April 20 brought in $34 million in retail sales, while day-of sales hit $7.3 million, far eclipsing the $6.1 million single-day record set in September 2015.
Whether a sign of more consumers moving away from the black market or simply a reflection of more adults indulging — data suggest both are happening — it’s clear that Colorado’s cannabis industry isn’t slowing down anytime soon.