Sales record shattered
Marijuana dispensaries racked up over $114 million in sales in March alone as the cannabis industry continues to break sales records.
Sales may have received a boost from the so-called Bomb Cyclone.
News
6 . . . BILLION Dollars!
The Colorado cannabis industry has eclipsed $6 billion in sales since adult use was legalized five years ago. Last year, sales surpassed $1.55 billion, beating the record of more than $1.51 billion set in 2017, and the state received nearly $1 billion in tax and fee collections.
Let the good times roll …
Despite predictions that cannabis demand in Colorado would begin to level off, sales as of August had already topped $1 billion, the earliest point reaching that mark since adult use was legalized four years ago.
That translates to $200 million in tax revenue. It also puts the state on track to to break last year’s record of more than $1.5 billion in sales.
With the election a week away, please look at The Gazette’s editorial on Amendment 74. The editorial board reversed its position supporting it after the members realized the unintended consequences would pave the way “for expensive, frivolous and opportunistic litigation.” It also may open the door to suing local government over its zoning laws for retail and industrial operations.
Headlines
Denver approves vaping lounge
Despite complaints about too many rules, a second business has been able to win a social consumption license.
Consumer friendly
Housing prices might be out of control, but a new study from Wikileaf says marijuana is cheaper in Denver than most markets.
Pesticide tests costly for growers
Falling prices and new testing putting a financial squeeze on some growers.
Palmer Lake to reconsider legal cannabis
Palmer Lake residents will vote for a third time in November on whether to allow adult use marijuana.
Headlines
Too many rules?
Denver’s program to permit cannabis social clubs is struggling.
Otherwise, Denver’s marijuana businesses flourishing
New report says city’s effective regulation has created jobs and generated tax revenue.
Jefferson County gets grant to steer kids away from cannabis
School district uses grant to hire three new school nurses and six social and emotional learning specialists.
Cannabis-related nonprofit incubator coming to Denver
Founders say Nuvolution aims to help fund education and research efforts.
Headlines
Colorado cannabis sales exceed $5 billion
May sales figures pushed the overall sales of recreational and medical marijuana to more than $5.1 billion since adult use was legalized in January 2014.
Bill would protect federal workers in states with legal cannabis
Congressional proposal would bar feds from firing employers for marijuana use in states where cannabis is legal.
Keeping it green
Cannabis industry looks to minimize its environmental footprint with more sustainable packaging.
Industry taxes fund program for at-risk youth
New marijuana tax-funded program helps first-time teen offenders find alternatives to substance abuse.
State of the Industry
The newest report on Colorado’s on marijuana industry provides a wealth of facts and figures, from how much marijuana is grown to the average life cycle of Colorado marijuana plants. Want to know how many edibles vs. buds were sold? Or how the medical vs. adult-use market is shaking out?
It’s all here in the Colorado Department of Revenue’s 2017 Marijuana Enforcement Division annual report. (Actual report: Click to View PDF)
The MED report also notes that the number of licensees that passed compliance checks to ensure they are not selling to underage buyers rose to 95.1 percent from 94 percent in 2016.
“While we’re pleased that the percentage of licensees passing underage compliance checks increased from 2016 that number still isn’t good enough,” said Jim Burack, MED Director. “We’ll continue to increase the frequency of our enforcement efforts and further educate marijuana licensees on their operational requirements vital to protecting public health and safety. Importantly, business licenses are subject to discipline, including revocation, if management is not diligent about underage enforcement and associated employee training.”
Industry peaks just keep getting higher
Just when the Colorado’s marijuana industry was expected to start leveling out a bit, the newest reports show sales have hit yet another all-time high. Heading into what is considered peak sales season, adult-use marijuana sales in Colorado eclipsed $105 million in March 2018, the highest monthly total in the program’s history. That’s up more than 23 percent from February, which on a percentage basis represents the largest month-over-month sales gain in Colorado’s market in more than three years.
And as sales grow, prices drop
As more and more states legalize adult-use marijuana, prices are dropping.
Under the Dome
Bills to allow cannabis delivery and dosing of medical marijuana at schools advance
Measure to allow dispensaries to deliver marijuana has passed House and awaits Senate approval
House endorses bill to let school nurses give students medical marijuana.
In The News
The New York Times magazine highlights the small Colorado financial institutions that are trying to solve the legal marijuana industry’s banking problems.
A new study shows women with children still living at home are the most likely demographic to use marijuana for health and wellness.
2017 marijuana sales break 2016 record
Colorado officials report marijuana sales for the first 11 months surpassed the $1.31 billion recorded during the entirety of 2016. But the once astronomical sales growth rates are beginning to hit a more realistic pace.
Colorado Speaker of the House Crisanta Duran and Colorado Leads members met this month to talk about ways the cannabis industry can expand on its partnerships with state and local leaders to educate the public about Colorado’s responsible marijuana regulations. Colorado’s rules and regulations have become a model for the nation.