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Colorado cracks a billion in annual marijuana sales in record time, generating $200M in tax revenue

Marijuana sales in Colorado exceeded $1 billion as of August of this year, with tax revenue from those sales coming in at $200 million, according to a report from the Colorado Department of Revenue and its Marijuana Enforcement Division.

It’s the earliest point in any of the four years Colorado has had legal recreational marijuana that combined medical and rec sales have cracked the billion-dollar mark.

Total combined recreational and medical marijuana sales through August hit $1,022,245,511, according to the MED, setting the state on a trajectory to break last year’s record of more than $1.5 billion in sales.

State officials highlighted the industry’s growth in a news release Thursday. The release also shared findings from the Marijuana Enforcement Division’s 2018 Mid-Year Update, released Sept. 10.

The quarterly report found Denver, Boulder, El Paso and Pueblo counties are the industry’s hot spots, growing 80 percent of all plants in the state as of June.

It also found that while sales of marijuana flower remained relatively steady, sales of edible products and concentrates like hash oil and live resin grew significantly. [Read more at The Denver Post]

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