Colorado has set a new cannabis sales record in July grossing about $122.7 million in both medical and recreational sales, according to a Washington Times report. The state set its last sales record in April with $117.4 million in sales.
Dispensaries saw $83.8 million in recreational sales and $38.9 million in medical sales, representing an overall 27 percent increase over July 2015 sales. So far, from Jan. 1 to the end of July, $720.4 million in legal cannabis has been sold in the state, which has collected roughly $105.8 million in taxes from the sector.
Adam Orens, founding partner of the Marijuana Policy Group, the sales spike could be the result of a June bill that allows out-of-state residents to purchase cannabis in Colorado, along with the summer weather. He expects the market to level off.
“Every year, we’ve had more sales than the year before; at the same time, you’ve seen prices in general declining,” he said in the report. “This rapid growth represents people coming from the black market into the regulated market, and that growth is going to be fast, but it’s going to be finite.”
Last month, the Washington State Liquor and Cannabis Board recorded its highest dispensary sales to date, topping $130 million.
Get daily cannabis business news updates. Subscribe