Despite a global pandemic that disrupted many facets of commerce, Colorado’s marijuana industry experienced its most lucrative year on record with $2.2 billion in sales in 2020.
According to figures released Tuesday by the state Department of Revenue, dispensaries sold $186,343,208 in cannabis products in December, up 6.4% compared to the previous month.
The state collected nearly $32.4 million in taxes and fees in December, pushing the annual tax total to $387.4 million in 2020.
December’s sales helped bolster an already record-setting year. Last July, cannabis had its biggest month ever with more than $226 million in sales, and in November, the industry surpassed $2 billion in annual sales for the first time.
Annual sales in 2020 increased 25% compared to 2019, when dispensaries sold $1.75 billion — a record at the time. Cannabis sales have now reached a total of just under $10 billion — $9,978,794,073 — in the seven years since recreational legalization.
Analysts have told The Denver Post is this not in spite of the COVID-19 pandemic, but because of it. Dispensaries were deemed essential businesses in March and allowed to remain open, while restaurants, bars and gyms were forced to close due to a statewide stay-at-home order.
“It’s good that in this really challenging year at least some of our industries are doing well,” Gov. Jared Polis said last week…
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Despite a global pandemic that disrupted many facets of commerce, Colorado’s marijuana industry experienced its most lucrative year on record with $2.2 billion in sales in 2020.
According to figures released Tuesday by the state Department of Revenue, dispensaries sold $186,343,208 in cannabis products in December, up 6.4% compared to the previous month.
The state collected nearly $32.4 million in taxes and fees in December, pushing the annual tax total to $387.4 million in 2020.
December’s sales helped bolster an already record-setting year. Last July, cannabis had its biggest month ever with more than $226 million in sales, and in November, the industry surpassed $2 billion in annual sales for the first time.
Annual sales in 2020 increased 25% compared to 2019, when dispensaries sold $1.75 billion — a record at the time. Cannabis sales have now reached a total of just under $10 billion — $9,978,794,073 — in the seven years since recreational legalization.
Analysts have told The Denver Post is this not in spite of the COVID-19 pandemic, but because of it. Dispensaries were deemed essential businesses in March and allowed to remain open, while restaurants, bars and gyms were forced to close due to a statewide stay-at-home order.
“It’s good that in this really challenging year at least some of our industries are doing well,” Gov. Jared Polis said last week…
