Recreational and medical marijuana sales in Colorado were scorching in July.
July was the hottest month on record in our planet’s history. Some of this heat may have found its way to the marijuana industry. According to the Cannabist, Colorado’s marijuana industry generated approximately $122.7 million in revenue for the month of July, up 27 percent year-on-year. Of the total amount, $83.8 million came from recreational sales.
The previous record was set in April of 2016, due in large part to April 20 (4/20), marijuana’s holiday. During that month, revenues derived from marijuana sales were $117.4 million.
April 20 is still likely to remain the single largest day for marijuana sales, but it could be that summer and its more social lifestyle is driving the current monthly revenues higher.
“That’s when I think more people — Colorado residents plus tourists — people are just out and about,” Adam Orens, founding partner of the Marijuana Policy Group and managing director of BBC Research & Consulting told The Cannabist. “There are backyard parties, it’s events of all different kinds, concerts, festivals. I believe it drives more people to consume more alcohol and marijuana.”
July is not an isolated month when it comes to breaking records in Colorado. Marijuana sales have topped $720.4 million for the first seven months of the year. During the same time frame in 2015, recorded marijuana sales were at $538 million.
As mg mentioned earlier this week, legal marijuana prices have been steadily on the decline over the course of the past year in Colorado. This could possibly motivate more people to skip the black market and make purchases through legal shops.
“Every year, we’ve had more sales than the year before; at the same time, you’ve seen prices in general declining,” Orens said. “This rapid growth represents people coming from the black market into the regulated market, and that growth is going to be fast, but it’s going to be finite.”