Adult-Use Cannabis Sales in Colorado Top $1.1 Billion Through August
Adult-use dispensaries in Colorado sold more than $1.1 billion worth of cannabis products through the first eight months of the year but sales dipped slightly in August, recent data shows.
According to the Department of Revenue’s Marijuana Enforcement Division (MED), recreational marijuana sales in The Centennial State eclipsed $176.5 million in August, down from $183 million in July.
It was the first month-over-month drop in sales since April.
Nevertheless, August marked the second-best month of the year for Colorado cannabis retailers despite an ongoing coronavirus pandemic that has limited travel and hampered tourism during key summer selling months.
For their part, medical marijuana operators sold just over $42 million worth of cannabis in August, bringing the year-to-date total to more than $292.5 million.
Combined, cannabis users in Colorado have spent about than $1.42 billion on cannabis in 2020, more than was spent on recreational cannabis in all of 2019.
Total spending on both recreational and marijuana cannabis from Colorado is poised exceed $2 billion in 2020, an amount that market research firm BDSA had previously predicted would not be reached until 2024.
Meanwhile, MED released an in-depth report on the Colorado cannabis market on Monday.
THCnet’s summary of the findings will follow, but several key themes from the analysis — which was prepared by MPG Consulting (formerly the Marijuana Policy Group) and Colorado Boulder’s Leeds School of Business — include:
- Pricing, supply patterns and industry consolidation throughout 2019 indicate that the regulated market, now in its seventh year, is maturing.
- Operators within the marketplace, which has nearly tripled in size since 2014, are more compliant.
- Pricing for regulated products has declined, demand has shifted to concentrates, and potency is increasing.