In the state of Colorado, retail marijuana sales have reached an all time high. According to The Denver Post, the legal marijuana industry brought in more than $122 million in revenue for the month of July, representing a 27 percent increase from the previous year.
Approximately $83.8 million of the revenue came from recreational marijuana while the remaining $38.9 million was generated from medical marijuana.
Although it is impossible to pin point the exact reason for the jump in sales, one possible explanation includes recent changes to the law that allows out-of-state visitors to purchase up to an ounce of marijuana combined with the natural boost from summertime sales.
But while marijuana sales in Colorado continue to climb, Adam Orens, founding partner of the Marijuana Policy Group and a managing director of BBC Research & Consulting, told The Denver Post that this expansion will not last forever.
“Every year, we’ve had more sales than the year before; at the same time, you’ve seen prices in general declining,” Oren said. “This rapid growth represents people coming from the black market into the regulated market, and that growth is going to be fast, but it’s going to be finite.”