Colorado marijuana sales in November pushed the industry’s annual revenue to $2 billion for the first time. In November, dispensaries sold $175.1 million worth of products, according to figures released by the Department of Revenue on Tuesday. Recreational sales accounted for about $140.5 million, while medical sales accounted for nearly $34.7 million, the agency reported. While the total is down about 12% compared to the month prior, it was enough to help Colorado hit yet another financial milestone in an already banner year for cannabis. From January through November 2020, consumers purchased slightly more than $2 billion, the Department of Revenue reported. The previous year, dispensaries reached $1.75 billion in annual sales, a record at the time. Read the rest of this story on DenverP...
Colorado’s marijuana industry experienced a banner year in 2020 — not in spite of the COVID-19 pandemic, but because of it. Dispensaries across the state were declared essential businesses and allowed to operate while bars, restaurants and gyms were forced to close. That designation helped sales exceed analysts’ expectations. According to Roy Bingham, co-founder and executive chairman of Boulder data firm BSDA, the national market grew more than 45% to $18 billion in 2020, outpacing forecasts by about $2 billion, an increase attributable to “the COVID effect.” Cannabis consumers shopped less frequently but purchased more, including many newcomers with increased at-home time on their hands, he said. Read the rest of this story on DenverPost.com.
Colorado dispensaries sold more marijuana in the first 10 months of 2020 than they did during a record-setting sales year in 2019. October sales totaled more than $199.7 million in October, pushing the state’s annual revenue to more than $1.8 billion, according to the Department of Revenue. By comparison, sales totaled about $1.75 billion in 2019, making this the highest selling year since recreational weed hit the market in 2014. Sales were poised to crush the record following several lucrative summer months, despite the ongoing coronavirus pandemic. Colorado hit an all-time monthly high in July with $226 million in sales. That was also the first time monthly totals surpassed $200 million. Read the rest of this story on DenverPost.com.
Aurora’s nearly 400,000 residents — at least the ones 21 or older — may be able to tap on a phone screen and order up pot gummies and marijuana flower for delivery to their doorstep as soon as early next year. The Aurora City Council on Monday night gave preliminary approval, by an 8-2 vote, to cannabis delivery in Colorado’s third-largest city. The ordinance will need a second vote in two weeks, and if it passes, deliveries of marijuana could begin in early 2021. That would likely make Aurora one of the first cities in the state where consumers can place an order for recreational weed from their couch and wait for it to arrive in the comfort of their homes. Read the rest of this story on DenverPost.com.
Next year, Denverites may be able to have marijuana delivered to their homes if the city council adopts a new proposal to regulate delivery services. On Monday, the Division of Excise and Licenses unveiled drafts of three bills intended to overhaul the local industry and enable more people of color to cash in on a still-booming industry. One, the Ominbus Bill, outlines the framework to launch marijuana delivery within city limits. The other two set the stage for Denver’s hospitality program, which would allow for the opening of businesses where enthusiasts could publicly smoke, eat, vape or otherwise consume cannabis. One of the bills also removes the cap on how many dispensaries and cultivations may be established in the city, opening up the possibility for new locations for the first tim...
Weed enthusiasts purchased more than $206.4 million worth of Colorado-made marijuana products in September, as sales from a record-breaking year moderately cooled off. Recreational dispensaries sold $166,547,119 during the month, while medical dispensaries sold $39,941,149 for a combined $206,488,268 in revenue, according to data from the Colorado Department of Revenue. Sales decreased 5.5% compared to August, but are up 33% compared to September 2019 as marijuana experiences a banner year for sales despite the coronavirus pandemic. Read the rest of this story on DenverPost.com.
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Colorado cannabis sales set a record yet again in July, eclipsing $200 million in a single month for the first time. Dispensaries sold $183,106,003 in recreational marijuana and $43,268,565 in medical marijuana in July, for a combined $226,374,568 in revenue, according to data from the Colorado Department of Revenue. That’s up 13.8% from June, another record-setting month when the industry raked in nearly $199 million. So far in 2020, consumers have purchased more than $1.2 billion worth of cannabis products and the state has collected $203 million in taxes. Read the rest of this story on DenverPost.com.
Published: Sep 11, 2020, 6:15 am • Updated: Sep 11, 2020, 6:15 am By The Associated Press DENVER — Early cold temperatures and snow in Colorado may have destroyed millions of dollars worth of outdoor plants, cannabis and hemp companies said. The drop of about 70 degrees Fahrenheit occurred too early in the growing season for farmers to harvest the plants, Marijuana Business Daily reports. Related Articles Read the rest of this story on DenverPost.com.
Amid the long-overdue national conversation about achieving true social justice, one key element is being largely overlooked: The need to end decades of misguided drug policy that has disproportionately taken a toll on minority communities. An issue certain to arise in the presidential campaign is whether the use of cannabis should be decriminalized, or whether it should remain illegal under federal law. I believe the current federal prohibition must be repealed. First, the grim truth is that America’s war on drugs, coupled with decades of disinvestment, has contributed to a cycle of poverty, violence and incarceration and contributed to the societal injustice we are working to unravel. Read the rest of this story on DenverPost.com.
June marks the first month in Colorado history that recreational marijuana shops sold more than $150 million worth of products as cannabis consumption during the COVID-19 pandemic continues to set industry records. Recreational marijuana consumers spent $158,102,628 at Colorado shops in June, according to data from the Department of Revenue’s Marijuana Enforcement Division. It’s a 6% increase of the previous single-month recreational sales record of $149,186,615 that was set in May, state data shows. Last June, rec shops sold roughly $122.4 million in products. Before this year, monthly recreational sales had only eclipsed $140 million one time, in August 2019, state data shows. That month, dispensaries combined to sell $173,219,859 worth of products. Read the rest of this story on DenverP...
Published: Jul 13, 2020, 2:24 pm • Updated: Jul 13, 2020, 2:25 pm By Tiney Ricciardi Cannabis sales in Colorado set a new monthly record in May, hitting their highest level since recreational sales began in 2014. Dispensaries sold $192,175,937 worth of products in May, according to data from the Department of Revenue’s Marijuana Enforcement Division. That’s up about 29% from April and an increase of 32% from May 2019. Related Articles Read the rest of this story on DenverPost.com.