Colorado cannabis shops set a new annual sales record last year, bringing in almost $1.75 billion worth in sales according to Colorado Department of Revenue data.
Reported first by the Denver Westword, Colorado’s new high water mark for sales netted more than $302.4 million in tax revenue for the state’s coffers.
This money is divded to fund programs such as school construction, law enforcement, public health, drug education and public safety.
The state’s cannabis sales jumped 13% from 2018, bouncing back from a 2.5% year-over-year growth rate from 2017 to 2018.
Tom Adams, managing director at cannabis market research firm BDS Analytics, told CNN Business, “To see it turn around in 2019 is a bullish indicator that price compression can’t keep the popularity of legal cannabis down.”
According to Adams, the rebound in Colorado’s sales growth is linked to two key factors: the increasing prevalence of non-flower products and changes in consumer behavior.