Would it be safe to say that no one knew how quick the cannabis Colorado market would hit $1 Billion? Or the fact that it would only take a mere 8 months? Colorado is quickly paving the recreational road towards a fast-growing economy. What will 2018 hold for Colorado’s cannabis industry?
This is a 21% increase from 2016, and this is just in the account for 2017. The big round number comes from both recreational and medical cannabis as well as sales tax. And it seems edibles where one of the favorite commodities that were bought.
Recreational cannabis sales totaled around $100 Million by August of 2017, while medical totaled around $37 Million.
The steady percentage climb is showing that within three months, you can go from 10% to 15%. As of now, Colorado may be seeing this rapid growth in sales because other states have not acquired legal state laws surrounding cannabis. Meaning, individuals from out of state are avidly commuting to acquire what they would like legally. Eventually, sales will moderate as local markets stabilize and become mature.