Just one year after cannabis became legal for recreational use in Colorado, it became a billion-dollar industry. And it only took 10 months in 2016 for Colorado to reach that milestone.
By the end of the year, sales of legal marijuana in Colorado reached $1.31 billion. Here’s how that number breaks down:
Recreational vs. Medical
$876 million of the sales were recreational, while $438 million were medicinal. Recreational accounts for about two thirds of all legal cannabis sales in the state.
Flower products accounted for the largest percentage of sales at $729M. Of that portion, $539M was done in hybrid sales, compared to $123M in Sativa and $67M in Indica.
Concentrates accounted for $285M in sales in 2016. Among concentrates, vape ($80M) reigned supreme, followed by Shatter ($70M), wax ($60M), resin ($24M), oils ($20M), and other products ($31M across different categories).
Edibles accounted for $186M in sales in 2016, including $84M for candy, $38M for chocolates, $17M for infused products, $14M for tinctures, $12M for beverages, $11M for pills and $10M for other products.
Miscellaneous cannabis products accounted for $112M in sales in 2016, including $61M for pre-rolled products, $46M for “others,” and $5M for balm and salves.
Colorado has clearly become the land of opportunity when it comes to cannabis sales in the United States, with by far the most lucrative cannabis industry. This is thanks in large part to tremendous state support.
It’s easy to see why the state would support the industry. Through the end of October, Colorado collected more than $150 million in sales tax from sales of legal marijuana products, including almost $50 million from an excise tax that directs marijuana funds toward school construction projects. Every year, the first $40 million collected from the tax is guaranteed to be put to use for schools.
Estimates from various cannabis experts indicate the American cannabis industry could reach $22 billion in annual sales by 2020, depending on the political climate of the next several years. The momentum is clearly moving in the direction of more states legalizing recreational cannabis, especially with numerous states voting positively on referendums in the November elections.
2017 is shaping up to be yet another great year of growth for the Colorado marijuana industry!
Oregon Cannabis Sales 2016 Recap
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Washington Cannabis Sales 2016 Recap
Recent data from the state of Washington indicates its budding cannabis industry continues to boom, which is great news for the state, as the industry has become a tremendous source of sales tax income.Continue Reading