Colorado has done it again.
The spike could be attributed to the implementation of a law that increased the daily purchase limit for non-residents from a quarter-ounce to 1 ounce; however last year July, August and September represented the biggest sales months for the industry, save for the holiday season in December.
August saw $84.7 million in recreational sales and slightly less than half of that — $41.4 million — in medical cannabis sales. Medical sales remained exactly the same from the same period last year, when recreational sales totaled $59.2 million.
The state’s cannabis industry has raked in nearly $846.5 million through August, after reaching $639 million in the first eight months of 2015. In 2014, the first year of recreational sales, the industry grossed $699.2 million.
So far the state has earned $124.9 million in tax revenues from the industry this year, after netting $86 million last year and $76.2 million in 2014.
In Colorado, tax revenues from the cannabis industry are used to fund education, capital construction grants, and health programs.