All of America has had front row seats to just how rapid the cannabis industry is growing, not to mention it’s monetary benefits. If it wasn’t for the outstanding results that continue to grace the industry, a lot of states probably wouldn’t have legalized; it is what has fueled this industry to become what it is today. With the internet being the modern go-to for any and all information, there’s more than enough proof to back up the power of the cannabis industry. For Colorado, that proof is in the $106 million they raked in for the month of November.
While Colorado’s numbers for November are the lowest they have been since May of 2016, They still show a 32% increase from the previous year. This also isn’t taking into account that the summer months for 2016 broke sales records or the fact that $1 billion was reached by Colorado dispensaries by October. For Colorado, taxes for cannabis go to drug prevention, health programs, and school construction and with a total of $180.4 million in taxes and fees for 2016, the centennial state has experienced a prosperous year to say the least. But what about 2017?
Economists don’t believe the streak will continue. Like any new industry, what goes up must come down. While it’s highly unlikely that the industry within Colorado will come crashing down, the chance of it slowing and plateauing is more likely than not. With there still being an influx in new residents moving in from other states, there’s bound to be a dip in sales with the inevitable rise in cost for cannabis and cannabis products. As one of the first states to legalize marijuana, Colorado continues to prove time and again how to be a great role model for the states that have yet to dip their toes into this snowball of a cannabis industry.
Source: The Cannabist