Despite the COVID-19 pandemic, 2020 is already Colorado's best year for weed sales.
From January through to October this year, Colorado dispensaries have already sold more marijuana than in 2019, which was a record-breaking year for the state's cannabis industry.
Colorado has already generated over $1.8 billion this year thanks to a nearly $200 million month in October. This surpasses the $1.75 billion enjoyed by the Centennial State last year, representing continued annual growth since the state legalized cannabis in 2014.
As we've discussed previously, the COVID-19 pandemic led to heightened cannabis consumption and sales, and in July, Colorado generated a record-high $226 million for the month.
The vast majority of Colorado's cannabis sales in October were recreational use cannabis, sitting at roughly $170 million, with under $40 million worth of medical marijuana sales over the same period.
For the month of October, Colorado generated $35,410,293 in tax revenue, putting them at $355,097,017 in cannabis taxes for the first 10 months of the year.
The success of Colorado's cannabis industry can be attributed in part to several COVID-19 related factors, beginning with the fact that the cannabis industry was deemed "essential" in both Canada and the U.S., meaning that cannabis dispensaries were able to remain open during the ongoing lockdowns.
This also saw the widespread adoption of "curbside pickups," allowing cannabis companies to provide products to people without them having to physically enter a store. that was implemented to help facilitate social distancing.
Additionally, due to perceived supply scarcity and increased anxiety, cannabis sales skyrocketed at the beginning of the coronavirus pandemic. Dispensaries throughout the U.S. and Canada all saw increases in cannabis sales, which are still continuing to this day.
The results of the final two months of cannabis sales for 2020 aren't yet released, but if the current trajectory continues, Colorado will surpass $2 billion in cannabis sales for the year.
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