Colorado’s adult-use marijuana market continues to surge nearly five years after the launch of recreational sales in the state.
Through August 2018 – the most recent data available from the Colorado Department of Revenue – recreational marijuana sales topped $800 million and the state is on pace to surpass $1.2 billion by the end of the year.
That would represent a 12% increase over total sales in 2017.
As of August 2017, 498 recreational stores were licensed throughout the state; that number grew to 541 by September 1, 2018 – a 9% increase.
Meanwhile, concentrates and edibles have been steadily growing in popularity with consumers. Both types of products retail for a higher price relative to traditional flower.
Other notes about recreational marijuana sales in Colorado include:
- Though total rec sales continue to climb, the rate of growth is slowing – a natural and expected development that occurs in any booming market. For example, 2016 adult-use sales in Colorado came in about 50% higher than sales in 2015, while 2017 sales ended up 27% from 2016.
- Seasonal sales trends are consistent and predictable, another sign that Colorado’s recreational cannabis market has reached a relative state of maturity. Sales will likely fall month-over-month from August until November, spiking back up again in December.
- Monthly adult-use sales records have been broken three times so far in 2018. A record was set when sales topped $105 million in March, which was broken when sales hit $111 million in July and then again in August, when sales neared $113 million.
Eli McVey can be reached at elim@mjbizdaily.com
