Over $1 Billion in Marijuana Sales in Colorado Through First Ten Months of 2016

Business
Over $1 Billion in Marijuana Sales in Colorado Through First Ten Months of 2016

Last year the state of Colorado fell just shy of selling $1 Billion worth of legal cannabis; this year they were able to break the Billion barrier in only 10 months.

Sales in October actually took a dip when compared with September, but sales in October 2016 were up 46% over sales in October 2015. Obviously, as legal supply increases, so will overall sales.

“We think we’ll see $1.3 billion in sales revenue this year,” said cannabis industry attorney Vicente Sederberg, “and so the economic impact of this industry — if we’re using the same multiplier from the Marijuana Policy Group’s recent report, which is totally reasonable — it suddenly eclipses a $3 billion economic impact for 2016.”

Few industries have been able to boast those kinds of numbers in just one state this early in their development, but when you have an existing customer base – people who buy marijuana on the black market – it’s easier to post impressive numbers.

Not only are sales on the rise, but as a consequence, so is tax revenue. In fact, revenue this year is on pace to eclipse the revenue from the previous two years combined. When voters in other states are deciding on marijuana legalization and they look to Colorado, the amount of tax revenue raised will be a big factor for many.

But the most important impact of marijuana legalization will always be an economic one. All those sales mean value is being created and with that comes jobs. Continued industry growth in places like Colorado and beyond means more jobs and more economic activity and more real wealth being created.

In a time of prolonged economic stagnation, every state could use some of that.