Colorado’s marijuana industry notched its 11th consecutive $100 million month in April.
But the month in which cannabis enthusiasts celebrate the “high holiday” of 4/20 fell short of setting a monthly high for the state.
The state’s pot shops raked in $125.2 million in medical and recreational marijuana sales of flower, edibles and concentrates during April, The Cannabist calculated by extrapolating Colorado marijuana taxes and fees data.
Recreational marijuana sales totaled nearly $88.4 million while medical marijuana sales approached $36.9 million, according to The Cannabist’s calculations.
Through April, the industry brought in close to $492 million, a nearly 27 percent increase from the $388 million in sales during the first four months of 2016, The Cannabist’s archived data shows.
The year-to-date 2017 sales have resulted in more than $76.3 million in taxes and fees revenue for the state, according to Colorado Department of Revenue data.
Colorado’s marijuana industry has been in growth mode since 2014, when the state became the first in America to legalize and regulated adult-use cannabis sales. The new industry has set and surpassed benchmarks along the way.
Last year, a new monthly high was set four times. That was topped yet again in March 2017, which boasted sales of $131.7 million.
Economists and analysts have told The Cannabist they expect Colorado’s marijuana industry to top out at some point — especially likely after recreational marijuana programs in other states come online. But observers such as Andrew Livingston, director of economists for cannabis law firm Vicente Sederberg, said he wouldn’t be surprised if Colorado’s marijuana industry wasn’t done setting monthly records.
“The year-over-year rates of growth have continued at a steady pace, which to me indicates that we have not yet reached the point at which we are starting to cap out the market,” he said following the release of the March 2017 numbers.
The monthly sales numbers do potentially have some room for error. The state, in its monthly tax revenue reports, cautions that monthly collections could include late filings and those submitted for corrections from previous months.
This story is developing and will be updated.
Published at Fri, 09 Jun 2017 23:01:45 +0000