Although things were relatively quiet on the election front in Colorado this year regarding cannabis, sales are still strong. Data collected for September 2017 showed that Colorado marijuana sales were slightly over $136.6 million that month.
Recreational sales hit over the million-dollar mark, bringing in $100.8 million. Medical sales were $35.8 million for the month. July and August 2017 were similar, making it the third consecutive month that medical and recreational sales have surpassed $136 million.
Revenue reviews for 2017 show that third-quarter medical and recreational sales combined are up 19 percent from third-quarter sales in 2016.
Colorado Marijuana Sales Slowly Steadying Out
While Colorado marijuana sales are certainly holding steady, annual growth rates are slowing down. This is something that was predicted early on by analysts and financial experts. When recreational cannabis was legalized in Colorado in 2012, there weren’t many other states where people could purchase (legal) pot.
Tourists came in masses for months. Residents rejoiced. And marijuana sales continued to steadily soar. Although sales have begun to moderate, marijuana is still bringing big money to Colorado. The state is building better schools, repaving roads that need repair, and employing literacy and substance prevention programs in schools.
Since Colorado legalized recreational weed in 2012 (along with Washington), several other states have followed suit. People can now legally consume recreational cannabis in seven states, as well as Washington DC.
As other states implemented their own recreational cannabis laws, sales in Colorado held steady. Wild green rush sales however, are steadily leveling out. People can buy weed in more places. And legal weed in Colorado just isn’t that big of a deal anymore. The initial excitement has died down, steadying out sales…but still bringing in plenty of revenue.
Will Other States Follow in Colorado’s High-Profit Footsteps?
Although things are stabilizing in regard to legal weed revenue in Colorado, this doesn’t mean the rest of the country isn’t ready to cash in on cannabis. There weren’t any states that passed recreational laws this election, but experts predict all states will have some kind of marijuana legalization in place by 2021, whether medical or recreational.
As Colorado stays steady with almost $140 million in sales each month, other states (some more than others) sit poised to cash in on high-dollar cannabis crops.