The numbers are in, and it turns out that in July, 2016 Colorado made the most money from cannabis sales in history. The dispensaries of Colorado sold a whopping $122.7 million worth of cannabis. This smashed the old record from earlier this year in April by over $5 million. The majority of these sales obviously came from recreational cannabis, but medical numbers were up as well. Overall, the sales in July, 2016 were over a 27 percent increase from July of last year. Meanwhile cannabis has been getting steadily cheaper in Colorado, but people are continuing to buy more of it. This year has been pretty huge for cannabis. State revenue data shows that there has already been over $720 million in pot sales in just the first seven months of this year. Recreational makes up the large part, bringing in $465 million, but medical pulled in $255 million as well. The cannabis industry has made nearly $200 million more this year than the first seven months of 2015, and sales have been consistently up, but I’m sure many of you are still wondering why July saw such astonishing figures.
Earlier this year when we got the news that April had broken the all time record, we were all excited, but much less surprised that the month which hosts our beloved cannabis holiday would see record sales. April had a staggering $117 million worth of weed, edibles, and concentrates that were sold, yet July still somehow surpassed it. Some early analysts are suspecting that the record sales can be attributed to the summertime. Both residents and tourists are more likely to be going to festivals, concerts, events, or hosting parties around this time. This might jive with the mental image many people have of a couple stoners getting high in their garage, but the cannabis enthusiasts of Colorado are refreshingly active and social. Another huge factor has got to be the new state law that went into effect in June. Tourists can now buy up to one ounce of weed a day, which is four times the amount they could previously purchase.
With huge profits for the cannabis industry, also comes the even more rewarding news of the massive tax revenues. In just the first 7 months, the sales from dispensaries have brought in over $105 million to be used for a variety of educational and health grants. If this year continues to go the way that it has, the state could easily expect to see over $135 million by the end of 2016. It looks like Colorado will rake in $40 million in retail marijuana excise tax by the end of the year too. Colorado has a general fund of $10 billion, of which cannabis will be providing over 5 percent. It seems that every year the cannabis industry makes more than the year before, but I think that will probably level off in the next few years. Not only will cannabis related tourism soon become less prevalent, but price drops could also lead to lower overall sales figures. Either way, cannabis has done more than enough to prove how stable and profitable it can really be for a state’s economy. Congratulations to Colorado for providing another month’s worth of proof why every state needs to get on board right away.