The month of June became a record-breaking month for the state of Colorado, which ended up collecting a combined total of over $150 million in sales between medical and recreational cannabis products.
The Denver Post reports that $158,102,628 was sold in medical and recreational sales in that month alone, according to new data from the state’s Marijuana Enforcement Division. In June 2019, product sales only reached around $122.4 million. However, the large increase in sales in June 2020 dwarfed even the state’s former record-breaking month. Previously, August 2019 was the leader with only $140 million.
BDS Analytics cites years of growth, acceptance and development of the cannabis industry as driving factors for continually rising sales. “In existing adult-use states, there are three main drivers of continued growth,” reads a BDS Analytics report. “Further proliferation of new cannabis products that appeal to the needs and desires of new consumers; improved product availability; and growing acceptance of cannabis use.”
Part of the reason for Colorado’s record-breaking June sales is attributed to a high number of unemployed people due to COVID-19, as well as the expanded unemployment benefits, which expired on July 31. With this assumption, The Denver Post predicts that July cannabis sales will also be at an all-time high, when that data is released.
Colorado isn’t the only legal cannabis state that is seeing record-breaking cannabis sales. Consumers in California have also continued to purchase cannabis products regularly, leading to the state’s own new record in July. According to data presented by Marijuana Business Daily, the North American cannabis industry is expected to rise by 40 percent by the end of 2020 as well. “Retail sales of medical and recreational cannabis in the United States are on pace to eclipse $15 billion by the end of 2020, an increase of approximately 40 percent over 2019 sales figures . . . ”