DENVER — Legal cannabis is booming, and with Colorado netting $1 billion in legal, regulated sales in the first 10 months of 2016, the industry’s growth isn’t showing any signs of slowing.
Sales of both recreational and medical cannabis hit $1.1 billion by October, according to analysis of sales data from the Colorado Department of Revenue. A boost in sales from the December holiday season is expected to push the total even higher.
“We think we’ll see $1.3 billion in sales revenue this year,” said Christian Sederberg, a partner at Vicente Sederberg and a leading cannabis industry lawyer, in a Dec. 12 interview with The Cannabist, a division of The Denver Post.
However, the economic impact of legal cannabis sales could actually be far higher in the Centennial State. An October report from the Marijuana Policy Group estimated that the total economic output from legal cannabis sales had reached $2.39 billion and generated some 18,000 jobs in 2015. This figure includes every aspect of the state’s booming cannabis industry, from licensed growers to the clerks who sell the finished product in the state’s dispensaries.