Colorado dispensaries have sold more marijuana in the first 10 months this year compared to a record-setting sales year in 2019, officials said.
The Department of Revenue said dispensaries made about $200 million in October, pushing the state’s annual revenue to more than $1.8 billion this year and making it the highest selling year since recreational marijuana hit the market in 2014, The Denver Post reported. Last year, sales reached about $1.75 billion.
Marijuana sales were expected to exceed the previous record despite the coronavirus pandemic, and the state hit an all-time monthly high in July with $226 million in sales, officials said. It was the first time monthly revenue surpassed $200 million.
Consumers purchased about $170 million worth of recreational cannabis and about $39 million worth of medical marijuana in October, a 33% increase compared to October 2019, officials said. The state collected more than $35 million in taxes and fees during the month.
Copyright 2020 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Was this article valuable?
Here are more articles you may enjoy.
The most important insurance news,in your inbox every business day.
Get the insurance industry’s trusted newsletter