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!