The Colorado Department of Revenue reported cannabis shops across Colorado reported nearly $1.75 billion in sales last year, resulting in a new record for annual sales.
According to the Denver Westword, the sales produced $302.4 million in state tax revenue, which is used to fund much-needed programs including: school construction, law enforcement, public health, drug education, and public safety.
Once thought to have reached peak sales in 2018, this boon resulted in a 13% increase in sales for 2019. Tom Adams, managing director for BDS Analytics (a cannabis market research firm) credited the state’s rebound to “the increase of no-flower products (i.e. edibles, concentrates, etc.) and changes in consumer behavior.
“To see it turn around in 2019 is a bullish indicator that price compression, when market participants price in many years worth of future performance into the current price, can’t keep the popularity of legal cannabis down.” Adams told CNN Business.
Research conducted by BDS also showed an increase in the number of adults who’ve consumed cannabis in a six-month period due to being more comfortable with buying cannabis products (flower or otherwise) and educating themselves on usage as “It’s just become a part of people’s lives more and more.”
This is great news for not only Colorado but for other states who’ve legalized marijuana and the states still on the fence about it.
By Wednesday Jones