COVID-19 has proven to be no match for the cannabis industry, with Colorado bringing in over $218 million worth of marijuana sales in August.
For the month of August, the Colorado Department of Revenue Marijuana Sales Summary reports that dispensaries in Colorado sold $218.6 million worth of marijuana. The whopping figure comes just behind July's record-high sales, which came in at $226 million.
Of the total sales, $42 million came from medical marijuana sales, while the remaining $176 million were owed to recreational sales. Through all of this, the state generated over $40 million in taxes from cannabis in August alone.
Sales have been sequentially increasing each month up until July, with August representing a slight decrease since July's sales, but still up over 25% from August 2019.
Colorado's sales provide yet another testament to the durability of the cannabis industry amid COVID-19, as we've seen in Michigan, Pennsylvania, Illinois, and throughout most of the U.S. Even here in Australia, medical cannabis product approvals are reaching all-time monthly highs.
However, as we've mentioned previously, the cannabis industry was not just resilient to COVID-19, but also made efforts to adapt to the new conditions of the virus, beyond being labelled "essential" by most State governments. These efforts included curbside pickup, cannabis delivery services, and in Colorado, cannabis vending machines were implemented just last month.
Moreover, cannabis consumption has actually increased during COVID-19, likely due to a combination of heightened anxiety, increased unemployment and some disposable income from welfare. Whether these gains in cannabis sales and consumption will remain after the COVID-19 pandemic has ended remains to be seen.
Between January and September this year, Colorado consumers bought roughly $1.4 billion worth of cannabis products. Over the same period, in Illinois, that number was around $500 million, though Illinois only legalized cannabis in January of this year.
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