According to new sales, revenue data from the Colorado Department of Revenue, the state’s trailblazing cannabis industry has collected more than $1.5 billion in 2017 from sales of medical and recreational flower, edibles, and concentrate products. The state of Colorado collected upward of $247 million in taxes and fees revenue from marijuana sales.
Additionally, it accounted for nearly $4.5 billion in sales since recreational dispensaries first opened on January 1, 2014. Much of that growth can be associated with the increase of communities permitting the cannabis business. In 2014, there were only 147 licenses issued for retail dispensaries and 192 for retail cultivation. As of February 2018, there are 528 retail dispensary licenses and 722 retail cultivations.
While 2017 represents the industry’s biggest year for sales so far, it also represents the smallest annual growth. Cannabis sales have been increasing at slower rates compared to the early stages of recreational marijuana legalization. Although sales were up by 15.3 percent in 2017, the previous year they grew 31 percent.
Eventually, the growth will come slower and become more heavily reliant upon factors such as population growth. On the other hand, factors that could slow down Colorado’s growth include California’s legalization of recreational marijuana and U.S. Attorney General Jeff Sessions stance on legal cannabis, having rescinded several years of protective federal guidelines for cannabis businesses and consumers.
For now though, cannabis businesses in Colorado continue to rake in cash, and customers from near and far continue to flock to the Centennial State to catch a glimpse of legal marijuana.
From learning the best hybrid to treat your medical issue to know more about the variety of strains, tinctures, and edibles we carry, our marijuana professionals are happy to help. At The Station, our dispensary offers premium strains and high octane blends at a great price.