After a record-breaking month in May, Colorado dispensary sales grew by more than $9 million in June, according to the latest report from the Colorado Department of Revenue.
Marijuana sales continue to soar in Colorado according to the latest report from the state’s department of revenue. After hitting a record high in May with more than $143 million in sales, the state experienced another record month, reaching $152 million in June.
The Colorado Sales Report for June shows more than $29.6 million sales came from medical marijuana dispensaries and more than $122 million from recreational cannabis sales. Prior to June sales, April and May had been the highest-grossing months for Colorado.
The “Mile High City” led the state in both recreational and medicinal sales for the month of June. Denver County brought in more than $12.6 million in recreational sales and more than $38.5 million in medical marijuana sales.
While Colorado’s medical cannabis sales appear to be leveling off, reports show that recreational cannabis sales are on the rise. For the first time ever, recreational or adult-use cannabis in Colorado is outpacing medical marijuana sales by more than double, according to a New Frontier Data report.
“While comparative shares of overall legalized cannabis sales have favored the adult-use market over the medical market since 2017, the gap has widened,” the New Frontier report’s author stated.
The report also showed that among 2018 combined state sales, the majority of cannabis flower (66% of the total weight) and the majority of marijuana edibles (86% of the total units) sold were for recreational use.
Colorado’s Green Market Reaches More Than A Billion In Revenue
More than six years after becoming the first state to legalize recreational cannabis, Colorado has collected more than $1 billion in tax revenue on marijuana products, according to the Colorado Department of Revenue. The total revenue gained from marijuana sales has passed $6.5 billion.
Colorado was one of the very first states to legalize marijuana. On November 6, 2012, Colorado voters approved Amendment 64. Since then Colorado’s recreational and medical cannabis market has been exploding. According to New Frontier Data, Colorado’s overall cannabis sales in 2018 reached a record high of $1.55 billion and reports up to May 2019 show a sales total of $665.6 million.
As Colorado state lawmakers anticipate continued growth in the cannabis market, they have unveiled legislation to stay ahead of the curve. In June, Colorado Gov. Jared Polis signed a series of cannabis bills into law with the intention of expanding the state’s marijuana market. The first of the three new laws allow cannabis to be consumed at social lounges or tasting rooms. The second law allows for marijuana home delivery.
The third bill signed into law opens Colorado’s cannabis market to outside investors. The new bill allows, for the first time, publicly traded companies and outside investment into the state’s cannabis industry. Lawmakers hope the new law can introduce new marijuana products to Colorado from companies that had been previously unable to operate in the state.
Learn more about Colorado marijuana laws, and for a more in-depth look at Colorado’s cannabis numbers after legalization, check out our exclusive report, Colorado After Legalization: Statistics And What They Mean.
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