Monthly sales dips did not hinder growth of Colorado’s cannabis market last year

Cannabis sales in Colorado could break an annual milestone for 2021, despite the fact that monthly revenue fell short in comparison with revenue recorded in 2020.  Based on last November’s sales figures that were published by the state revenue department, licensed retailers in Colorado successfully shifted $158.4 million worth of cannabis for both the medical and recreational markets. Taking this into account, the annual total amounted to more than $2.06 billion — just below the $2.19 billion that was earned through Colorado’s legal cannabis market the year prior.  The slight slump in sales could be attributed to the fact that stimulus checks are starting to dry up. What’s more, analysts believe that the revenue slip may have been stimulated by an increase in people’s entertainment related expenses amid the state’s official reopening post-COVID lockdown. On the plus side, cannabis sales revenue in Colorado is usually spurred on by a rise in consumer expenditure during the holiday season and therefore there’s a good chance that December’s figures, once released, will push the 2021 total into record-breaking realms. Colorado’s cannabis sales attracted a milestone $423 million in tax revenue in 2021 Based on data that was recently released as part of the most up-to-date market report from the Colorado Department of Revenue (DOR), the state successfully shifted in excess of $2 billion worth of legal cannabis through November 2021.  These revenue results indicate that Colorado’s cannabis industry has been on a winning streak for the second consecutive year in terms of breaking sales records.  That’s without even mentioning the generous tax revenue that is generated through the state’s legal cannabis industry. To put things into perspective, Colorado’s adult-use cannabis market pulled in $387 million in taxes from licensed sales in 2020. The impressive tax revenue that was accrued through Colorado’s cannabis market…

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Source : Monthly sales dips did not hinder growth of Colorado’s cannabis market last year

reposted by Cannabis News World

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