Colorado has broken its own record for annual cannabis sales, with retailers seeing nearly $1.75 billion in weed money last year.
That’s very good news for Colorado’s cannabis industry. This time last year, financial experts noted that Colorado’s weed market was starting to slow down, with a low growth rate of 2.5% from 2017 to 2018, as reported by CNN Business.
In 2019, however, the state saw a 13% growth from the previous year, topping predictionsfor annual gross by more than $30 million.
The Coloradan state government is likely smiling at the news as well. The state pulled in more than $300 million in tax dollars from marijuana sales last year, money that is marked for programs including public health, school construction, and drug education.
While the market’s slowdown in 2018 was caused in part by falling prices for cannabis flower, Tom Adams, managing director at cannabis market research firm BDS Analytics, says the surge in sales shows that when weed gets cheaper, people just buy more of it.
“To see it turn around in 2019 is a bullish indicator that price compression can’t keep the popularity of legal cannabis down,” Adams told CNN.
He also said that BDA studies show a recent increase in the use of extract products including concentrates and edibles, and a rise in the number of adults using cannabis products period.
“It’s just become a part of people’s lives more and more,” he said.Photo via Flickr/weedporndaily