Retail marijuana purchasers in July outspent medical cannabis buyers for the first time since the launch of Colorado’s adult-use market 9 months ago.
The state’s Department of Revenue recently reported that customers bought $29.7 million worth of legal marijuana last month ($5 million more than June), surpassing purchases by medical marijuana patients, which took in $28.9 million – only a $300,000 increase from the previous month. Interestingly, this is despite the fact that medical dispensaries outnumber retail stores by a margin of 4 to 1.
According to Colorado Public Radio (CPR), there has been a 112% increase since sales first started, with more than 100 stores across the state having sold close to $145 million in pot. CPR further notes that, “Taken together, the medical and recreational marijuana industry have sold about $350 million worth of pot since January, contributing $37.5 million in taxes and fees to government coffers,” a portion of which is guaranteed to go to school construction.
With the exception of May, each month has set a new record in marijuana sales, so far showing that a legal marijuana regime not only works, but is proving to be valuable and growing source of revenue for the state – and its residents agree. A new NBC/Marist Poll found that Colorado’s retail cannabis market remains popular among Colorado residents, 55% of whom continue to support the passage and implementation of Amendment 64, the initiative that was passed in 2012 to tax and regulate sales to adults, aged 21 and over.