Last year Colorado sold nearly (but not quite) one billion dollars worth of marijuana. That includes both medical marijuana and marijuana for adult-use. There was a lot of speculation as to if this year that number would cross the one billion dollar mark, which occurred in just the first 10 months of 2016. Colorado’s industry continues to grow (no pun intended). Per The Cannabist:
In the first 10 months of 2016, Colorado marijuana shops reached a significant milestone they had barely missed in all of 2015: $1 billion in legal, regulated cannabis sales.
Recreational and medical cannabis shops in America’s first 420-legal state have sold nearly $1.1 billion of marijuana and related products in 2016, according to the new October data from the state’s Department of Revenue.
When 2015’s year-end marijuana tax data was finally released in February, Cannabist calculations showed $996,184,788 in sales at Colorado marijuana shops that year — spurring a leading industry attorney to tell us at the time, “I think it’s ethical to round that up to a billion.”
That’s a massive amount of marijuana sales. Later in the article my buddy Christian Sederberg points out that when all economic benefits of legalization are accounted for, the economic impact of Colorado’s marijuana industry is over $3 billion dollars annually at current levels. If current trends persist, Colorado should land at around 1.2 to 1.3 billion dollars worth of marijuana sales in 2016.
Marijuana opponent Kevin Sabet claimed before legalization that for every dollar generated by legalization, there would be 10 dollars in ‘social costs.’ If the economic impact figure of three billion is accurate, Kevin Sabet has a lot of explaining to do, although I won’t hold my breath, as Kevin will likely stick to spinning his reefer madness. The math doesn’t lie Kevin!