Colorado sold more than $150 million worth of cannabis products during the month of June in 2020, despite ongoing economic fallout from COVID-19.
For the month of June, recreational marijuana consumers in Colorado spent $158,102,628 at cannabis dispensaries, as reported by the Department of Revenue's Marijuana Enforcement Division.
This builds upon last month's cannabis industry successes in which Colorado dispensaries sold $149,186,615 worth of recreational cannabis in May.
The $158 million brought in through recreational cannabis sales in Colorado is over $35 million more than was seen last June, during which the state brought in $122.4 million in recreational product sales.
During June, Colorado continued to see strong sales for medicinal marijuana products, bringing in over $40 million worth of product sales for the month – although June was a slight step down from May, during which the State saw $42,989,322 in sales.
Though overall, Colorado's combined recreational and medicinal sales totalled over $198,873,210 worth of products, representing a 3.5% increase over the previous month of May, which recorded $192 million.
For the year, it looks like 2020 will exceed 2019's total cannabis sales in Colorado, with $978.35 million already brought in in the first 6 months, compared with 2019's $1.75 billion for the year.
There are several reasons for the increased cannabis sales in Colorado throughout 2020, beginning firstly with the maturation of the industry.
Colorado was an early mover state in the U.S. when it came to cannabis, and the statistics are beginning to show it. In 2017, 24% of adults reported that they had consumed cannabis in the past six months. In 2019, that number jumped up to 42%.
Evidently, as time passes in the cannabis industry, and the stigma surrounding the drug begins to fade away through increased public exposure to the benefits of cannabis, black markets will naturally shrink. Moreover, as was identified by BDSA, new products and form factors that enter the cannabis industry gives consumers a wider array of consumption options.
"In existing adult-use states, there are three main drivers of continued growth," BDSA's report says. "Further proliferation of new cannabis products that appeal to the needs and desires of new consumers; improved product availability; and growing acceptance of cannabis use."
Importantly, as the COVID-19 pandemic continues and unemployment remains at record-high levels, Colorado and other successful cannabis states amid the pandemic can serve as exemplars for the benefits of cannabis legalization.
In Colorado's case, the State has generated over $200 million in the first six months of 2020, compared with 2019's $302.5 million.
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