Colorado’s legal cannabis market has recorded $1 billion in annual sales through August 2018. This is the fastest pace for the state’s cannabis industry in the four years since recreational pot was legalized.
This sales figure means that the state got to rake in $200 million in tax revenue so far. That’s according to the state’s Department of Revenue.
Through August 2017, Colorado saw combined sales for both medical and recreational cannabis reach more than $996 million. For the full year of 2017, the state got $1.5 billion in sales. Considering that sales through August 2018 has reached $1.022 billion, sales for the entire 2018 could surpass last year’s.
As the amount of cannabis being consumed in the state continues to go up, the way people are consuming the drug is also changing slowly.
The Department of Revenue’s report showed that more people across the state are buying concentrates and edibles.
The department’s report said that flower sales remain consistent while edible sales rose 13.8 percent from last year and concentrate sales almost doubled at 94.6 percent.
According to medical cannabis facility Green Farms’ general manager, Daniel Martin, more people might be leaning toward other options aside from smoking or dabbing because what they can get out of edibles is longer.
The mid-year report also reflected that the average price per pound of cannabis bud is going down. In 2017, the average price per pound was $846, while the current price per pound is $759.