Halfway through 2017, Colorado’s marijuana retailers amassed more than $750 million in sales, under extrapolations of the latest tax data released by the state, the Denver Post’s Cannabist reports. Covering both the medical and adult-use markets, the sales of flower, edibles and concentrates through June 2017 are up 25.7 percent compared with the first half of 2016. Sales through June equate to nearly $116 million in tax revenue and license fees for the state.
June appears to have been a near-record month for Colorado’s marijuana shops, with $131.65 million in sales. That extends a streak of $100 million monthly sales to 13 months. Adult-use transactions accounted for $95.54 million, or more than 72 percent, of June’s sales. The $36.11 million of medical marijuana products sold remains in line with the monthly averages for 2016 and 2017. As Colorado’s marijuana industry continues to mature, the annual growth rates are expected to ratchet down slowly. Bethany Gomez of the cannabis market research firm Brightfield Group said, “What you’re seeing in Colorado is similar to other industries, we’re starting to see lower double-digit growth rates, rather than the triple-digit growth rates. That time of massive growth expansion in Colorado, I think, is over.”