November marijuana sales push Colorado’s industry to $2 billion annually for the first time

Denver Post

Colorado marijuana sales in November pushed the industry’s annual revenue to $2 billion for the first time. In November, dispensaries sold $175.1 million worth of products, according to figures released by the Department of Revenue on Tuesday. Recreational sales accounted for about $140.5 million, while medical sales accounted for nearly $34.7 million, the agency reported. While the total is down about 12% compared to the month prior, it was enough to help Colorado hit yet another financial milestone in an already banner year for cannabis. From January through November 2020, consumers purchased slightly more than $2 billion, the Department of Revenue reported. The previous year, dispensaries reached $1.75 billion in annual sales, a record at the time. The state collected nearly $32.4 million in taxes and fees in November. Though Colorado’s monthly sales cooled off in November, the national conversation around marijuana heated up. Voters in South Dakota, Mississippi, New Jersey, Arizona and Montana legalized the plant for recreational use, medical use or both during the election. Analysts don’t expect that to impact Colorado’s canna-tourism industry or sales in the coming year, though they are bullish about the industry’s momentum. Related Articles Colorado marijuana sales eclipse $200 million (again) in August Colorado marijuana sales blow past $200 million in July June was Colorado’s biggest marijuana sales month ever. July was likely bigger. Roy Bingham, co-founder and executive chairman of Boulder data firm BDSA, previously told The Denver Post that the national market grew more than 45% to $18 billion in 2020, outpacing forecasts by about $2 billion, an increase attributable to “the COVID effect.” Colorado experienced similar trends, smashing sales record after record, month after month, during the spring and summer. Only time will tell if growth will continue in the New Year, but several new programs, such as marijuana…

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Source : November marijuana sales push Colorado’s industry to billion annually for the first time

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