Colorado Marijuana Sales Jump 25 Percent to $750 Million in First Half of 2017

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Colorado's marijuana retailers have already made more than $750 million in sales halfway through 2017, a 25.7 percent increase compared to the first half of 2016. More than $531 million of those sales were for recreational marijuana, and the rest, nearly $220 million, were for medical marijuana, according to an analysis by The Cannabist. So far, the state has made nearly $116 million in tax revenue and licensing fees through cumulative sales made through June. However, annual growth rates are expected to slow down for Colorado's marijuana industry. "What you're seeing in Colorado is similar to other industries, we're starting to see lower double-digit growth rates, rather than the triple-digit growth rates," Bethany Gomez, director of research for cannabis market research firm Brightfield Group said. "That time of massive growth expansion in Colorado, I think, is over." Colorado's marijuana shops expect to make $131.65 million in total sales for the month of June, after a peak of $131.69 million in March. Despite the small drop off, that will extend the streak of $100 million in monthly sales to 13 months. Colorado became the first place anywhere in the world to allow legal marijuana sales to anybody over 21 for any purpose in January 2014.

Colorado’s marijuana retailers have already made more than $750 million in sales halfway through 2017, a 25.7 percent increase compared to the first half of 2016.

More than $531 million of those sales were for recreational marijuana, and the rest, nearly $220 million, were for medical marijuana, according to an analysis by The Cannabist.

So far, the state has made nearly $116 million in tax revenue and licensing fees through cumulative sales made through June.

However, annual growth rates are expected to slow down for Colorado’s marijuana industry.

“What you’re seeing in Colorado is similar to other industries, we’re starting to see lower double-digit growth rates, rather than the triple-digit growth rates,” Bethany Gomez, director of research for cannabis market research firm Brightfield Group said. “That time of massive growth expansion in Colorado, I think, is over.”

Colorado’s marijuana shops expect to make $131.65 million in total sales for the month of June, after a peak of $131.69 million in March. Despite the small drop off, that will extend the streak of $100 million in monthly sales to 13 months.

Colorado became the first place anywhere in the world to allow legal marijuana sales to anybody over 21 for any purpose in January 2014.

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