Marijuana legalization has been a huge hit for the state of Colorado with sales hitting targets people probably didn't expect this early on. And now the state's reporting they've hit a major milestone quicker than ever before.
The state of Colorado hit $1 billion in annual cannabis sales in August, the quickest the state's ever reached that mark. By hitting the $1 billion sales mark in August, Colorado's cannabis companies are easily projected to eclipse the $1.5 billion sales they made in 2017.
The statistics also showed that while sales of marijuana flower are pretty much the same as they were last year, the increased revenue is being driven by more interest in edibles, concentrates and other forms of cannabis. Other experts are saying that while the earlier years of Colorado's marijuana legalization was mostly focused on people buying high THC products, the emphasis is shifting to CBD and people who previously stayed away from cannabis are becoming customers for the medical benefits.
However it isn't all good news. While it is true that sales numbers are growing, they are doing so at a much smaller rate. Cannabis sales in August 2018 were only 2.6 percent high than they were in August 2017. But August 2017 sales were 18.7 percent high than they were in August 2016. So while sales are still growing, they're doing so by only a small margin and it's possible we'll see a plateau in the near future.
Still, if you're selling $1 billion worth of cannabis in seven months, there really can't be too much to complain about.
(h/t Denver Post)