That’s the biggest single-month tally since recreational sales began in 2014

Cannabis sales in Colorado set a new monthly record in May, hitting their highest level since recreational sales began in 2014.

Dispensaries sold $192,175,937 worth of products in May, according to data from the Department of Revenue’s Marijuana Enforcement Division. That’s up about 29% from April and an increase of 32% from May 2019.

Sales at both medical and recreational pot shops hit monthly all-time highs, at $42,989,322 and $149,186,615, respectively. Collectively, both sectors have sold more than $779 million in 2020 and paid more than $167 million in taxes and fees to the state.

Roy Bingham, co-founder and executive chairman of BSDA analytics firm, said a confluence of several factors caused by the pandemic are likely causing the increase in sales. For one, many people may have more leisure time and are spending more time at home, where cannabis is typically consumed. Existing marijuana consumers also are buying more each time they go to the dispensary, a trend that started with stocking up in March when Colorado went under a statewide stay-at-home order.

“Everyone has perhaps become more used to consuming a little more,” Bingham said.

After losing market share to products like edibles, flower is seeing a rebound in sales likely driven by drops in price, he said. According to BDSA, cannabis buds were going for $4.37 per gram in May, down from about $4.71 per gram in January.

“It’s beginning to look like cannabis is anti-recession, or at least COVID-recession resistant,” Bingham said, adding Colorado has experienced “spectacular growth” this year.

Liz Connors, director of analytics for Headset, which also tracks consumer trends, expects sales will continue to build on that in June and July as tourism increases.

Dispensaries in the Centennial State were deemed essential businesses during the early days of the pandemic and the statewide stay-at-home order. So far, monthly cannabis sales this year have consistently outpaced 2019, which was the highest-grossing year on record.