Home Uncategorized Colorado marijuana sales hit $2.2 billion in highest-selling year yet

Colorado marijuana sales hit $2.2 billion in highest-selling year yet

143
0
SHARE

Amid a global pandemic that disrupted many facets of commerce, Colorado’s marijuana industry experienced its most lucrative year on record with $2.2 billion in sales in 2020.

According to figures released Tuesday by the state Department of Revenue, dispensaries sold $186,343,208 in cannabis products in December, up 6.4% compared to the previous month. That brought the sales total for 2020 to $2,191,091,679.

The state collected nearly $32.4 million in taxes and fees in December, pushing the annual tax total to $387.4 million in 2020. And January proved to be an even bigger month for tax and fee collections as the state hauled in almost $35 million, according to the data released Tuesday.

The tax money funds all sorts of projects in Colorado, including school infrastructure and public health research.

December’s sales helped bolster an already record-setting year. Last July, cannabis had its biggest month ever with more than $226 million in sales, and in November, the industry surpassed $2 billion in annual sales for the first time.

Annual sales in 2020 increased 25% compared to 2019, when dispensaries sold $1.75 billion — a record at the time. Cannabis sales have now reached a total of just under $10 billion — $9,978,794,073 — in the seven years since recreational legalization. [Read more at The Denver Post]

The post Colorado marijuana sales hit $2.2 billion in highest-selling year yet appeared first on Cannabis Business Executive – Cannabis and Marijuana industry news.

See also  THC Edibles in Candy Bags Highlight Risks of Depriving Cannabis Businesses of Trademark Protection

LEAVE A REPLY

Please enter your comment!
Please enter your name here