Colorado Sets Record With $117 Million in Marijuana Sales in April

Colorado Sets Record With $117 Million in Marijuana Sales in April

The Colorado legal marijuana industry is showing no signs of slowing down. Based on information from a report released by the Department of Revenue, local marijuana businesses sold a whopping $117.4 million worth of green products (flowers, edibles and concentrates) in April 2016.

The recreational cannabis space raked in roughly $76.6 million during the same period, which was a huge jump from December 2015 ($62.2 million) and April 2015 ($42.4 million). This surge in sales activity was predicted by several analysts, including BDS Analytics, an analytics company that focuses on the marijuana industry. The firms forecast revolved around one of the sectors most celebrated holidays: 4/20.

4/20 serves as a stimulus for the industry to start thinking about the rest of the year making sure they have the right inventory levels but also thinking about the growth theyll see throughout the rest of the year, said Roy Bingham, founder of Boulder-based BDS Analytics.

4/20 Sales

Despite being held back by a crippling snowstorm before the event (April 15-18), pot enthusiasts still came out and showed their support for the industry. During the celebratory week, retail marijuana sales reached $34 million (a 44 percent increase from the previous year). On April 20, the community brought in $7.3 million- a 53 percent increase from last year. This record also smashed the most cannabis sales in 24 hours record that was set on September 16, 2015 ($6.1 million).

Year-to-year sales data indicate exponential growth for the sector at $388 million- a 37 percent increase from the previous year. When it comes to product performance, concentrates contributed $27 million with the highest jump in yearly growth at 133 percent. Flowers and edibles also made significant contributions to overall sales at $67 million (38 percent increase) and $13 million (83 percent increase) respectively. Surprisingly, all three products experienced a decrease in average retail prices for the cannabis recreational market during the same period. Prices for concentrates fell 20 percent, while flowers and edibles showed price maturity, dropping slightly by as much as ...

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