In a significant milestone for the cannabis industry, Colorado’s combined recreational and medical marijuana sales hit $1.1 billion in the first 10 months of 2016.
That total eclipsed Colorado’s combined cannabis sales in 2015 of just over $996 million, according to The Cannabist. Colorado is now the first state with medical and recreational programs to officially top the $1 billion mark in a calendar year, underscoring the growth in the marijuana industry.
At the current pace, marijuana sales in Colorado could hit more than $1.3 billion this year, which would come in at the top end of estimates in the Marijuana Business Factbook.
Marijuana sales have also resulted in growing tax revenue for the state, The Cannabist reported. Excluding accounting for licensing fees on cannabis businesses, Colorado’s marijuana-related tax haul through the first 10 months of 2016 is $151.4 million. By comparison, the state took in $120.6 million in 2015 and $63.4 million in 2014.
In September, Colorado’s combined rec and medical sales hit $127.8 million, setting a record for the third month in a row. Sales dipped to $117.8 million dollars in October, but that was still up from the same period last year by 46%.