Colorado cannabis sales set a new monthly record in May, hitting their highest level since recreational sales began in 2014.
Dispensaries sold $ 192,175,937 of products in May, according to data from the Revenue Department of the Marijuana Enforcement Division. This is an increase of approximately 29% from April and an increase of 32% from May 2019.
Sales at both medical and recreational pot stores hit monthly highs all the time, at $ 42,989,322 and $ 149,186,615, respectively. In total, both sectors sold more than $ 779 million by 2020 and paid more than $ 167 million in taxes and fees to the state.
Roy Bingham, co-founder and CEO of the research firm BSDA, said that a confluence of several factors caused by the pandemic is likely to cause the increase in sales. First, many can have more free time and spend more time at home, where cannabis is usually consumed. Existing marijuana consumers also buy more each time they go to the dispensary, a trend that began with warehousing in March when Colorado went under a nationwide home-to-home order.
“Everyone may have become more accustomed to consuming a little more,”
After losing market share for edible products, the flower sees a recovery in sales likely driven by falling prices, he said. According to the BDSA, cannabis buds went for $ 4.37 per gram in May, from about $ 4.71 per gram in January.
“It’s starting to look like cannabis is anti-recession, or at least resilient to COVID recession,” Bingham said, adding that Colorado has experienced “spectacular growth” this year.
Liz Connors, head of analytics for Headset, which also tracks consumer trends, expects sales to continue to build in June and July as tourism increases.
Dispensaries in the Centennial State were considered important companies in the early days of the pandemic and the state domicile order. So far, the monthly sales of cannabis this year have consistently exceeded 2019, which was the highest gross year on record.