Cannabis sales hit $750 million at 2017 midpoint in Colorado

Cannabis+sales+hit+%24750+million+at+2017+midpoint+in+Colorado

Colorado cannabis retailers have already amassed more than $750 million in sales halfway through 2017, according to tax data released by the state.

The Colorado Department of Revenue published the report for cannabis sales and excise taxes remitted in July on Thursday. The receipts reflected sales made in June, but contained variance based on incomplete or late returns from prior months.

Covering both the medical and adult-use markets, the sales of flower, edibles, and concentrates through June 2017 were up 25.7 percent compared with the first half of 2016. The cumulative sales made through June equate to nearly $116 million in tax revenue and license fees for the state.

June had been a near-record month for Colorado retail operations with $131.65 million in total sales. Adult-use transactions accounted for $95.4 million (72 percent) of June’s sales. The $36.11 million of medical cannabis sales remained in line with the monthly averages for 2016 and 2017.

Analysts expects the Colorado cannabis industry to mature, but annual growth rates are expected to slowly decrease over time.