Colorado state officials have revealed new information about overall cannabis sales since the state’s program launched in 2014.
According to the most recent Colorado Department of Revenue data that was released on March 9, the combination of the state’s medical and recreational programs totals out to $10.2 billion in sales revenue. This includes the most recent monthly data; $187.6 million from sales in January 2021 alone.
“$10 billion in legal, regulated sales is a great milestone, especially when viewed through the lens of public safety,” Executive Director of the Marijuana Industry Group Truman Bradley told the Denver Business Journal. “In all this time, youth cannabis use has not gone up. It’s a testament to the thoughtfulness and the foresight that early lawmakers, regulators and industry stakeholders had in coming together to create a safe regulatory model that has now been widely adopted nationwide. To reach the next $10 billion, though, it is important that current lawmakers and stakeholders follow in their predecessors’ footsteps and continue a measured, evidence-based approach to safe regulation.”
The state experienced a relative increase in sales over the past year due to interest during the ongoing pandemic, but overall this data will serve to prove how the industry has thrived over the past few years.Despite positive sales numbers, Colorado officials are also making an effort to expand its cannabis programs. On March 5, the House voted to approve Senate Bill 21-111, which would increase funding for the Marijuana Entrepreneur Assistance Program. Essentially, it would help those affected by the War on Drugs to establish a foothold in the industry. Another newly introduced bill, Senate Bill 21-56, would require schools to set aside space to properly store cannabis so students who use it for medicine don’t have to leave campus in order to receive their allotted dosage.