According to statistics provided by the state Department of Revenue, both medical and recreational marijuana sales are continuing to soar in dispensaries throughout Colorado. In March alone, it was documented that licensed stores across the state sold more than $55 million in recreational cannabis, and more than $33 million in medical marijuana, equaling a grand total of what reaches almost $90 million…and that’s just in one month!
Within the first three months of 2016, pot shops have raked in more than $270 million so far, from weed and related products. Despite some reports then, saying that the novelty factor may be wearing off, it seems that legal marijuana remains to still very much a popular purchase item for in-state residents and tourists alike. This is great news for the entire industry to see, because although there’s been some ups and downs in sales from month to month, they overall seem to be maintaining a steady consistency, which would also point at being on track for having the most successful year yet. In fact, a recent news report agrees with this theory, predicting that the U.S. could reach a total of somewhere around $4.5 billion from retail marijuana sales by the end of 2016.
I find it fascinating to compare monthly revenue totals, while taking into consideration factors that may have contributed to sales being particularly high one month or lower in another. For instance, while the $90 million March amount seems extremely high, it’s actually significantly lower than documented totals for February of this year, though recreational sales in 2016 are up 30 percent from what they were exactly a year ago, in the same month. This past February also happened to be the fifth most lucrative month in terms of sales, since stores first opened in January 2014. A possible factor to keep in mind that could impact sales, are people who grow their own plants, thus only utilize dispensaries when their crop is not ready to be harvested. It could also be more common to see sales surging during the summer due to an increase in overall tourism to the state. It will be intriguing to follow the patterns throughout the rest of 2016 and see how both the monthly and yearly data compares to the past two years.