Rocky Mountain High: Colorado Cannabis Sales Exceed $192 Million in May
Colorado cannabis retailers sold a record $192 million worth of marijuana in May, according to data from the Department of Revenue’s Marijuana Enforcement Division.
By comparison, $143 million worth of cannabis was sold last May, state records show.
This May, sales at adult-use stores surpassed $149 million while sales at medical marijuana dispensaries fell just shy of $43 million – both all-time highs.
The $192 million worth of cannabis sold in May 2020 represented a 29.5% increase over April’s $148.5 million. May sales were also 19.3% higher than March 2020, when marijuana retailers sold $161 million worth of cannabis just as the coronavirus pandemic began forcing U.S. consumers to shelter-in-place.
Through the first five months of 2020, statewide cannabis sales have eclipsed $779 million, growth of 17% versus last year.
If that pace of growth holds throughout the remainder of the year, Colorado could surpass $2 billion in cannabis sales in 2020.
BDSA, a market research firm that tracks cannabis sales, had previously forecast that total spending on legal cannabis in Colorado would not exceed $2 billion until 2024.
According to the firm, flower represented 48% of all Colorado cannabis sales in May 2020, while concentrates accounted for 29%. Meanwhile, edibles were 13% of the market and pre-rolls accounted for 5% of sales.
In an interview with The Denver Post, BDSA co-founder Roy Bingham said the COVID-19 pandemic could be playing a role in the surging sales.
“Everyone has perhaps become more used to consuming a little more,” he told the outlet.
According to state records, more than $8.5 billion worth of cannabis has been sold since January 2014. Those sales have added more than $1.3 billion to the state coffers.
Year-to-date through June, Colorado has collected more than $167 million in tax revenue, according to Department of Revenue data. By comparison, Illinois, which launched legal recreational sales in January, has collected $52 million in tax revenue through the first six months of 2020.