Colorado's Cannabis Crushing It In Sales

According to the state Department of Revenue data, Colorado’s cannabis dispensaries sold almost $192.2 million worth of marijuana products in May. the state reported $42.9 million in medical marijuana sales and $149.1 million adult-use cannabis sales.

Sales shot up 23% over April, which is typically the biggest month for sales due to the 420 holiday. That’s an 11% increase over the all-time high of $173.2 million, set in August of 2019. Denver County alone accounted for $43.9 million in sales.

The slump for medical cannabis seemed to be over as the category staged a comeback in May setting a monthly record. Sales for medical marijuana had been bumping along at $26.6 million in February prior to COVID-19. Then the lockdowns began and the quarantine’s started causing lots of nervous anxiety for the population pushing sales to almost $43 million in May.

Marijuana sales for 2020 from January to May have already reached $779 million. At this rate, the state is sure to top last year’s sales of $1.7 billion.

Tax Data

So far the state has collected $167 million in tax revenue in 2020 from January to June. If the tax collection remains consistent, the state could end up collecting roughly $334 million in taxes for 2020. This would also top 2019’s tax collection of $302 million.

Colorado depends heavily on the tourist trade for the state’s income. Many of the ski resorts had ended their seasons early when the virus began. Now the crucial summer season is underway. The state has encouraged in-state travel this summer as a way to help boost its hospitality industry. The state is running ad campaigns saying that there would be no quarantine efforts against travelers.

While indoor bars are still closed, many cooped up tourists are ready to have some active outdoor fun. The state offers so much in the ways of outdoor sporting activities that can be done with social distancing that many are opting to head to Colorado for fun and to escape depressive pandemic locations. Plus, a trip to the dispensary can ease that anxiety and make for a much better vacation.

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.

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