Amidst the COVID-19 Pandemic, Colorado cannabis sales has piqued its monthly tally for the first time since 2014.
Cannabis sales hit its highest tally in May for the first time since recreational cannabis was legally available in 2014.
Dispensaries around the state collectively sold $192,175,937 worth of cannabis products. Sale trends have increased since April by 29%, according to the Department of Revenue's Marijuana Enforcement Division.
Medical cannabis products brought in $42,989,322 while recreational cannabis contributed $149,186,615 worth of sales. Overall, both sectors are responsible for over USD$770 million in revenue for the state while paying more than US$167 million in taxes.
During times of self-isolation, leisure time has increased as people are spending more time at home. People are also more likely to stock-up at each dispensary visit: a trend that began in March when Colorado went into a state-wide lockdown.
"It's beginning to look like cannabis is anti-recession or at least COVID-recession resistant," Bingham said. Roy Bingham, Co-Founder of BSD Analytics
Cannabis became an 'essential' commodity in most U.S. states when the stay-at-home lockdown was ordered in March. Since then, cannabis sales are continuing to rise: taking its place in the essential backbone of the economy.
Federal legislation of the cannabis industry, however, remains complex. Businesses are still at risk from lack of financial relief for those suffering revenue loss amidst the COVID-19 pandemic. However, overall, cannabis sales remain robust.
As it stands, Colorado cannabis sales are overtaking its 2019 sales, which was the state's highest-grossing year to date.
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