For Colorado’s six-year-old legal marijuana industry, 2019 was a new high.
Cannabis dispensaries in the state sold more than $1.74 billion worth of marijuana products, a record total.
The $1.74 billion figure represents a significant jump for the marijuana industry in the state after back-to-back years of stagnant revenue. In 2017, marijuana dispensaries in the state sold a little more than $1.5 billion in cannabis products—at the time, a high-water mark for Colorado, which legalized recreational pot in 2012 and implemented the law in 2014.
Sales didn’t improve much in 2018, with the number climbing only to $1.54 billion. Tom Adams, managing director at cannabis market research firm BDS Analytics, told CNN that he attributes the big jump in 2019 to the proliferation of non-flower marijuana products, such as edibles and vape pens, while he said the sluggish growth in 2017 and 2018 was likely the result of price drops.
“To see it turn around in 2019 is a bullish indicator that price compression can’t keep the popularity of legal cannabis down,” Adams said.
The Rise of Reefer
A study released last year supported