Industry sets another new state record
Colorado cannabis sales set a record yet again in July, eclipsing $200 million in a single month for the first time.
Dispensaries sold $183,106,003 in recreational marijuana and $43,268,565 in medical marijuana in July, for a combined $226,374,568 in revenue, according to data from the Colorado Department of Revenue. That’s up 13.8% from June, another record-setting month when the industry raked in nearly $199 million.
So far in 2020, consumers have purchased more than $1.2 billion worth of cannabis products and the state has collected $203 million in taxes.
Colorado’s cannabis industry is poised to shatter 2019’s record of $1.75 billion in annual sales, especially since August is typically the state’s highest-grossing month. Those figures are due out in early October.
Marijuana sales have soared to new heights since spring despite the coronavirus pandemic. Dispensaries were allowed to remain open during Colorado’s statewide stay-at-home order, which forced them to adapt to new buying habits such as online ordering. In August, a contactless weed vending machine debuted in Pueblo.
An early freeze and snow in September may have jeopardized millions of dollars worth of marijuana grown outdoors and slated for harvest in October. That may also affect flower and extract prices this fall.