NEWS BRIEF

Colorado’s $158M in June recreational cannabis sales sets mark amid COVID

Colorado adult-use marijuana sales in June hit a record $158.1 million as the coronavirus pandemic continued to fuel staggering sales growth.

June sales in Colorado represented nearly a 30% year-over-year increase from recreational sales of $122.4 million in June 2019.

The sales record marked the first month in the state’s history that rec sales topped the $150 million mark, according to The Denver Post, citing state data.

Medical marijuana, despite being deemed an essential business during the pandemic, declined slightly in Colorado from a record $43 million in sales in May to $40.8 million in June.

But with rec’s strong performance, the newspaper reported, combined adult-use and medical sales hit a record $198.9 million in June, up 3.5% over May.

It’s unclear though whether sales will stay this strong if jobless Americans have less money to spend.

Enhanced jobless benefits of $600 a week expired July 31.

President Donald Trump recently signed an executive order calling for a $400-a-week benefit – with help from financially strapped states – but it’s uncertain when that stipend will kick in.

Colorado, with combined marijuana sales of $978.35 million through June, is on track to easily exceed its 2019 record of $1.75 billion for total marijuana sales.

In fact, the state’s pace so far this year would put 2020 sales on the high end of the now-available 2020 Marijuana Business Factbook’s projection of $1.7 billion-$2 billion in total marijuana sales.

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