Nice one, Colorado Marijuana Shops! Sales have held steady for a third month, with September dispensary sales of flower, edibles, and concentrates selling for a little more than $136.6 million, according to their Department of Revenue.
This marks the third month in a row that the state has topped $136 million in sales, with $100.8 million in recreational sales and $35.8 in medical Colorado marijuana shops. This brings Colorado’s year-to-date sales to $1.16 billion in transactions, comparing to $974.3 million in September of 2016. According to calculations from the Cannabist, marijuana sales are up 19 percent from the same time last year, a trend of annual growth rates slowing. Annual growth was clocked in at 36 percent in March and 23 percent in July. Though concerning, it’s not unexpected: analysts predicted that growth would cool as more states legalize and the industry matures, growing into itself.
September is also the third month that the state has seen a new taxing structure, jumping the special sales tax rate for recreational cannabis from 10 percent in July up to 15 percent, also exempting recreational marijuana accessories from the 2.9 percent state sales tax. Medical marijuana and accessories are still taxed at the standard rate of 2.9 percent.
Including the new and old tax rates, it’s calculated that the state has collected as much as $185 million in marijuana taxes has been collected through September of 2017.
This consistency is expected and even good, signaling a stability in the industry that reflects maturity after explosive growth. Compared to other States, Colorado has the most mature market in the world. Nevada might be the top dog in 2018, but Colorado came first.