Colorado cannabis sales still soaring

Marijuana sales in Colorado continue to reach new highs, fueled by increasing demand for recreational cannabis.

Sales of medical and adult-use marijuana hit $846 million during the first eight months of 2016, up 33% from the same period last year, according to calculations by Marijuana Business Daily based on the latest state tax data.

Dispensaries and rec shops reported $126 million in cannabis sales in August alone – a new record for the state’s marijuana industry. Recreational cannabis accounted for nearly $85 million of the total, up a whopping 43% from August a year ago.

Industry officials attribute the August increase to seasonal factors, with more tourists coming to the state during the summer and purchasing cannabis, according to the Cannabist.

Adult-use sales are also up nearly 50% this year through August compared with the first eight months of 2015.

Medical marijuana sales flat-lined, coming in at $41 million in August – down about $13,000 from the same month in 2015. They are still up 10% during the first eight month of the year, however.