Denver Dispensaries Sold Nearly $600 Million Worth of Cannabis in 2017

Marijuana legalization has been quite the boon for Colorado, but it turns out it's really worked out well for the city of Denver.

Denver officials released new data about cannabis sales in the city. Last year, Denver dispensaries sold around $584 million worth of cannabis, a 16 percent increase over sales the year before. On that $584 million, the city collected around $44 million worth of taxes, which was a $7 million increase from 2016.

While 16 percent growth is obviously great, it was a little lower than 2015 and 2016 that saw around 25 percent growth each year. However Colorado as a state only saw a 15 percent growth in cannabis sales, so it's possible the initial boom from legalization is simply slowing down a little and the industry is getting into more moderate growth.

Colorado as a whole sold around $1.5 billion worth of cannabis last year, so Denver accounted for around 38 percent of the state's sales. That's pretty good considering Denver only accounts for around 12 percent of the state's population, although there are several areas in the state that still ban recreational sales.

2017 was also the first year medical marijuana sales in Denver declined. Medical cannabis sales declined from $212 million in 2016 to $206 million in 2017, which indicates that more and more people are simply opting into the recreational market. 

So sounds like cannabis isn't destroying Denver after all!

(h/t Forbes)

Latest.

Citing supply shortages, Ontario announced Thursday that they would now be taking a “phased approach” to issuing cannabis retail licenses. Despite earlier claims that they would not be capping the number of licenses for retail pot shops, they announced Thursday that they would, in fact, be limiting the number of licenses dispensed in April to 25. The province says that the licenses will be issued though a lottery system overseen by a third party to “ensure equality and transparency.” This, of course, is following the Progressive Conservative’s stark change in cannabis policy for the province after defeating the Ontario Liberal government in 2018.