Colorado reaches $10 billion in cannabis sales since legalization

In January, Colorado’s cannabis industry surpassed $10 billion in legal cannabis sales since legalization in 2014, after selling more than 2 billion $ in 2020.

Cannabis consumers purchased 151,734,324 $ in recreational products and 35,869,373 $ in medical products during the first month of 2021, for a total of 187,603,697 $, according to sales figures released by the Ministry of Revenue this week.

Although sales remained stable from December to January, they increased significantly year-over-year, rising by 34.8% compared to the same period in 2020.

The government thus collected nearly $35 million in taxes and fees in January 2021. Since 2014, more than $426.4 million in cannabis excise taxes have been used to fund school projects.

«To me, $10 billion is a testament to the stability and success of Colorado's regulated market,» he said declared Truman Bradley, Executive Director Marijuana Industry Group, a trade association representing cannabis businesses throughout the state.

«If you look at the jobs created and the hundreds of millions in sales and excise taxes collected for state and local programs, the success of the regulated market in eliminating Colorado’s once-thriving illicit market cannot be overstated.»

After nearly 8 years of legalization, Colorado is working to overhaul its cannabis laws. The proposed changes include a cap on THC levels in cannabis concentrates, a requirement for patients to pick up their medical cards in person, and improved data collection to ensure stricter enforcement of purchase limits.