New Data Shows Double Digit Growth in Legal Cannabis Industry

Article by TG Branfalt Jr, Ganjapreneur


According to a new report from Convergex, dispensaries in Colorado and Washington posted double-digit growth from 2015 and Oregon retail sales in June and July reached $42 million, compared to the $102 million seen all last year.

Colorado dispensary sales reached $458.7 million through July — just $100 million from the total cannabis sales from all of last year, CSP Daily News, a convenience store trade publication, reports, outlining the data.

Washington has already surpassed its 2015 total of $357.6 million in 2016, reporting revenues of $415.8 million from January through August — during which a new sales record of $130 million in sales was reported by the state Liquor and Cannabis Board. However, Washington’s medical program was decimated by the passage of the recreational measure.

Oregon dispensaries began selling recreational cannabis in October, but the state reports the industry is responsible for $33.5 million in taxes from January through July – and the revenues are only expected to climb as more dispensary licenses are awarded in the state; another 26 are expected by Saturday, according to a report from CPA Practice Advisor.

Read full article here.

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