Colorado sold $1.75 billion worth of legal cannabis in 2019, a record since the state legalized cannabis in 2014.
According to the Colorado State Treasury, cannabis sales in 2019 were 13% higher than in 2018. The most prolific month was not April (which includes the 420), but August 2019, with $173 million.
Since 2014, Colorado has sold $7.79 billion worth of medical and recreational cannabis combined. Generating more than $1.21 billion in tax revenue.
People are moving from the unregulated market to the regulated market, said Truman Bradley. Executive director of the Marijuana Industry Group, a gathering of cannabis companies. As the Reefer Madness disappears, as the stigma around cannabis diminishes and people move to the regulated market. I expect this trend to continue.
Competition is stronger today, however, with 11 US states have legalized cannabis, including California. Which sold $3.1 billion worth of cannabis in 2019. A significant share of cannabis sales in Colorado come from non-residents. And now that Michigan and Illinois can meet the needs of Americans living closer to the Midwestern and East Coast states. Colorado’s sales figures could decline by the end of 2020.
In January 2019, the newly elected Governor of Colorado, Jared Polis, joked about this, advising other US states to take their time in rolling out cannabis legalization.
As one of the first states to implement it, we’re generating a lot of business from people outside our state, Polis said. So from a Colorado economic perspective, I would like the other states to move slowly so that we keep all these benefits for Colorado.