The Colorado cannabis industry enjoyed a third consecutive record-breaking month in August as sales at recreational and medical dispensaries reached $173.2 million.
The state reported its best ever month in June as retail marijuana sales amounted to $122.4 million and medical sales almost hit $30 million, leaving a total of $152 million. In July, sales increased to $166.3 million, of which $135.8 million was recreational.
New Department of Revenue figures show that recreational sales reached $141.9 million in August and medical sales amounted to $31.3 million. That left a record-breaking total of $173.2 million, continuing Colorado’s hot streak this summer.
There were five Fridays and Saturdays in August, so it will be interesting to see if it manages to maintain the growth curve when September’s figures are released, or if it experiences a slight dip.
Total marijuana sales from January to August 2019 are now $1.16 billion, taking the total since sales began in January 2014 to $7.2 billion.
The average retail bud rate for unprocessed marijuana is currently $999 per pound in Colorado, while retail trim rate is $325, seeds are going for $5 and bud allocated for extraction is being sold for an average of $254, according to Department of Revenue figures.
Those prices represent a significant increase on this time last year. In October 2018, a pound of flower was sold at around $750, amounting to a 33% year-on-year increase, with supply shortages possibly driving up prices.
Colorado’s medical marijuana program will change on Nov. 14, 2019, when doctors, dentists and some nurses will be given the power to prescribe cannabis to their patients. Autism spectrum disorder will also be added to the list of qualifying conditions, along with anything that qualifies for opioids.
This could give medical sales in the state a timely boost before the end of 2019.
Colorado was the first state to legalize recreational marijuana and a study published this week found that it has had no real impact on crime in the state.