Colorado has sold more cannabis in 10 months this year than it did during its record-setting year in 2019.
The Colorado Department of Revenue reported dispensaries sold almost $200 million in cannabis products in October, bringing the state’s total revenue to more than $1.8 billion this year. Cannabis consumers purchased about $170 million in recreational cannabis and about $39 million in medical cannabis, a 33 percent increase from October 2019. The state collected more than $35 million in tax revenue and fees during the month.
The month of October also surpassed the almost $160 million cannabis product sold in the month of June. The state’s all-time monthly high was set in July 2020, when the state recorded $226 million in cannabis sales.
“We saw an influx of first-time customers visiting our dispensary and seeking out more information on cannabis. Consumers were very open about finding new ways to relax and cope with the pandemic in addition to looking for alternatives to alcohol,” said Robbie Wroblewski, director of community outreach at Denver’s Seed and Smith. “We’re also seeing customers demanding quality flower at affordable prices, so they can maintain their high and their wallet.”
Colorado surpassed $1.75 billion in cannabis sales for the whole year in 2019 and with two months to go, the state is on track to surpass $2 billion in total sales. While the Department of Revenue did not release the sales figures from the month of November, it said it collected a little over $37 million in taxes and fees for the month.
The sales in Colorado continue to remain high even though the state’s tourism revenue dropped 50 percent due to the ongoing pandemic. While the state has lost nearly $8 billion in tourism spending, the legal cannabis market has avoided the hit with year-over-year sales growth topping 20 percent every month since March.
