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It Only Took Eight Months For Colorado's Cannabis Sales To Hit $1 Billion In 2017

We can’t say it comes as a huge surprise.

Colorado’s cannabis sales hit $1 billion in just eight months in 2017 – a feat that took 10 months to accomplish in 2016.

Cannabis retailers across the state gleaned upward of $1.02 billion in collective medical and recreational sales through August, according to newly released tax data extrapolated by The Cannabist.

Year-to-date sales are up 21 percent from the first eight months of 2016, when medical and recreational sales reached $846.5 million. Cumulative sales in 2017 equate to more than $162 million in taxes and fees for Colorado coffers.

Throughout August, sales of flower, edibles, concentrates and accessories reached almost $137 million – $100.3 million from recreational and $36.5 million from medical.

The special tax rate for recreational cannabis was bumped to 15 percent from 10 percent in July, while medical marijuana and accessories are still subject to the 2.9 percent sales tax rate that no longer applies to recreational sales.

It’s been predicted by experts that the annual growth rates for Colorado’s cannabis sales will eventually moderate with the maturation of the local market and the rising tide of recreational cannabis legalization across the country.

h/t The Cannabist

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