According to a new report from Convergex, dispensaries in Colorado and Washington posted double-digit growth from 2015 and Oregon retail sales in June and July reached $42 million, compared to the $102 million seen all last year.
Colorado dispensary sales reached $458.7 million through July — just $100 million from the total cannabis sales from all of last year, CSP Daily News, a convenience store trade publication, reports, outlining the data.
Washington has already surpassed its 2015 total of $357.6 million in 2016, reporting revenues of $415.8 million from January through August — during which a new sales record of $130 million in sales was reported by the state Liquor and Cannabis Board. However, Washington’s medical program was decimated by the passage of the recreational measure.
Oregon dispensaries began selling recreational cannabis in October, but the state reports the industry is responsible for $33.5 million in taxes from January through July – and the revenues are only expected to climb as more dispensary licenses are awarded in the state; another 26 are expected by Saturday, according to a report from CPA Practice Advisor.
In Colorado, where a sales record was set in July, retailers are facing falling wholesale and retail prices, forcing them to employ discounting tactics — which is partially to blame for the retail falloff.
Ancillary industries, such as hydroponics and security businesses, are also seeing upticks in revenues. In the Practice Advisor report, the owner of an Oregon company specializing in security for canna-businesses says his business has quadrupled since last year.
According to an Arcview Market Research and New Frontier analysis, if the nine states voting on marijuana ballot initiatives pass their proposals, it could be worth $7.8 billion to the national economy by 2020.