Colorado legalized Cannabis in 2014 and by 2019 had already reached $1 billion in sales. This income is great for the state of the Colorado bringing in tax and fee revenues from the sale of cannabis products reaching 20 million dollars. However more importantly the cannabis industry in Colorado has been great for the state in a number of other ways beside bring in a good revenue from taxes. It has also created tens of thousands of jobs state wide and has helped to reduce crime.
Cannabis edibles has been one of the keys to Colorado’s cannabis sale success, since cannabis edibles has brought in millions of dollars in sells since 2014 when the state legalized cannabis. In fact, Colora nasal sprays do edibles amounted to 17 million of dollars of sales in that year.
Cannabis Edibles Growing in Colorado
Cannabis edibles sales continued to grow in Colorado with sales jumping from the 2014 figure of 17 million dollars to 53 million dollars by 2017 as more and consumers enjoyed the benefits and tastes of Colorado edibles.
A Look at Colorado’s Edible Sales
While edibles make up a large portion of Colorado’s cannabis sales, which is edibles are the most popular is actually quite interesting. Gummies make up almost half the of the cannabis edibles taking 46% of all edible sales in Colorado, followed by chocolate edibles at 19%, Candy, lounges, and gum at 10%, Beverages earn 9%, Caramels and chews earn 8% of the edible sales and another 8% of the sales goes to other cannabis edibles.
Colorado Second Highest in Cannabis Sales
As of 2019 Colorado was second only to California in Cannabis sales, reaching 1.6 billion dollars by the end of 2019. Cannabis has been a huge boost to Colorado’s economy bringing in revenue that helps the entire state as well as investors in the numerous cannabis businesses. While the future of cannabis sales across the nation continues to grow, it is clear that Colorado is helping to lead the way, both with sales and with legislation that helps to ensure safe use of legal Marijuana.
Colorado has kept excellent records and been very forthcoming with their sales figures, which can help other states see the potential of legalizing cannabis in terms of both jobs and revenue.
New Legislation in Colorado for 2020 Could Affect Cannabis Sales
Last spring the Colorado legislator passed new laws governing cannabis in Colorado. One law that will have a huge effect on Cannabis sale is the offering of permits for social consumption establishments in the state.
Restaurants, hotels and music venues will be allowed to apply for permits that will allow Cannabis tasting rooms similar to those of breweries. However, various town and counties can opt out of allowing permits in their jurisdictions.
Legislators also passed a law allowing for medical marijuana delivers in a few towns and counties that chose to participate and if all goes well with the delivery program, then delivery of both medical and recreational cannabis may be an option for counties through out Colorado.