Cannabis sales in Colorado continue $100 million per month streak

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Cannabis sales in Colorado continue $100 million per month streak

Logan Lowrey-Rasmussen

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Colorado cannabis sales show no signs of slowing, hitting $127.7 million in May and marking the 12th consecutive month sales have hit $100 million.

Social cannabis sales take up two thirds of monthly totals, nearing $88.4 million and medical cannabis approached $36.9 million. The record setting month is currently March, sitting at $131.7 million.

The industry’s 2017 cumulative sales through the last five months neared $620 million with $76.3 million in profit from taxes and fees, The Cannabist reported.

Colorado’s cannabis industry is still in its growth phase, with this year’s cumulative sales showing a 27 percent increase from the same period last year. Analysts expect the industry to cap its margins after more states adopt social cannabis programs.

“The year-over-year rates of growth have continued at a steady pace, which to me indicates that we have not yet reached the point at which we are starting to cap out the market,” Andrew Livingston, director of economists for cannabis law firm Vicente Sederberg told Cannabist.

Colorado’s growth has been measured since 2014, when it became the first state to allow social cannabis use for adults over the age of 21.