Colorado cannabis sales are on track to reach an all-time high at record speed, with cannabis having already banked $1 billion in sales within the first eight months of 2017, as reported by The Cannabist.
While Colorado hit $1 billion in 2016, it took 10 months to do so that year, so hitting $1 billion in eight months in 2017 is a record-setting milestone for the Centennial State.
Compared to the first eight months of 2016, year-to-date sales in 2017 have increased by approximately 21%. In the month of August alone total cannabis sales reached nearly $137 million, with $100.3 million coming from recreational sales and $36.5 million coming from medicinal sales.
Since the start of the year, the state of Colorado has collected approximately $162 million in taxes and fees. This includes recent changes to the cannabis tax structure that went into effect in July. Under the new tax structure, recreational cannabis sales were exempted from the 2.9% state sales tax and the special 10% tax on recreational sales was bumped up to 15%.
While the explosive growth of Colorado cannabis has been a boon to the state, a report by the Marijuana Policy Group projected in 2016 that the rate of growth in Colorado will slow as the state market becomes more saturated and other states legalize recreational cannabis.