Colorado marijuana sales hit $2.2 billion in highest-selling year yet

Denver Post

Despite a global pandemic that disrupted many facets of commerce, Colorado’s marijuana industry experienced its most lucrative year on record with $2.2 billion in sales in 2020. According to figures released Tuesday by the state Department of Revenue, dispensaries sold $186,343,208 in cannabis products in December, up 6.4% compared to the previous month. The state collected nearly $32.4 million in taxes and fees in December, pushing the annual tax total to $387.4 million in 2020. December’s sales helped bolster an already record-setting year. Last July, cannabis had its biggest month ever with more than $226 million in sales, and in November, the industry surpassed $2 billion in annual sales for the first time. Annual sales in 2020 increased 25% compared to 2019, when dispensaries sold $1.75 billion — a record at the time. Cannabis sales have now reached a total of just under $10 billion — $9,978,794,073 — in the seven years since recreational legalization. Analysts have told The Denver Post is this not in spite of the COVID-19 pandemic, but because of it. Dispensaries were deemed essential businesses in March and allowed to remain open, while restaurants, bars and gyms were forced to close due to a statewide stay-at-home order. “It’s good that in this really challenging year at least some of our industries are doing well,” Gov. Jared Polis said last week in an interview with The Post. “It also shows that Colorado’s marijuana industry continues to lead the nation in excellence and innovation with additional measures like delivery.” Pivoting to online ordering and curbside delivery helped dispensaries sustain during the spring, but the ways in which the pandemic changed how consumers shop is what helped it thrive. Cooper Ashley, data analyst for Headset, which tracks consumer trends, said weed enthusiasts shopped less frequently, but purchased more every time they…

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Source : Colorado marijuana sales hit .2 billion in highest-selling year yet

reposted by Cannabis News World

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