State marijuana sales exceed $1 billion, setting new record
Legal marijuana sales in Colorado surpassed $1 billion during the first 10 months of 2016, according to newly released figures from the state’s Department of Revenue, signaling the best year yet since dispensaries began selling recreational weed in 2014.
Colorado’s state-regulated pot shops sold $1.09 billion in marijuana and marijuana-related products between Jan. 1 and the end of October, the department said this week, officially exceeding the billion-dollar threshold for the first time.
While the Revenue Department isn’t expected to announce annual sales numbers until February, the state’s hundreds of legal dispensaries so far have sold $720.7 million and $371.4 million in recreational and medical marijuana, respectively, with two months left.
The state’s first retail shops opened on Jan. 1, 2014, and by the end of the year had sold around $700 million in recreational and medical weed. Marijuana sales spikes the following year to $996 million, setting expectations early for 2016 to be a record breaking year.