Even as countless business owners will live to regret the losses encountered in 2020 for the rest of their lives, marijuana business owners in Colorado are smiling their way to the bank. This is after marijuana sales in Colorado went past the $200 million mark in July.
Soaring marijuana sales
According to the Department of Revenue, the marijuana sales in Colorado set a new monthly record in June when dispensaries sold nearly $199 million worth of cannabis. In July, the sales exceeded the $200 million mark for the first time, recording more than $226.3 million.
The sales started booming in May when the figures increased 23 percent above April sales. Since then, they’ve been on an upward trend. Collectively, Colorado has recorded more than $617.4 million in three months – May, June, and July.
Cannabis sales usually max out in August, as shown by DOR data, and tail off in colder months. However, the state has witnessed record-breaking sales in 2020, defying earlier expectations of dwindling sales in the face of the Coronavirus pandemic and a looming economic recession.
A record high
In 2019, monthly medical marijuana sales, which are reserved for cannabis patients residing in Colorado, only eclipsed $30 million twice. However, in 2020, the sales have exceeded that number every month since March. In July alone, medical marijuana sales hit $43.3 million – the highest tally in that category since Colorado legalized recreational sales in 2014.
Recreational sales also hit a record high in July, hitting $183.1 million. Pundits opine that another bumpy road might follow the peak season. This is because supply shortages often hit as dispensaries await harvests in the fall. As cold weather reigns, with snow and wildfires in Colorado, outdoor marijuana farmers are already witnessing the destruction of crops, which could greatly impact supply.
Even so, the weed industry has done exceptionally well amid the raging pandemic.