By Associated Press
(AP) — Cannabis sales in Colorado set a new monthly record in May, reaching their highest level since they legalized in 2014. Sales are up about 29% from April and 32% from May 2019.
Dispensaries sold over $192 million worth of cannabis products that month, according to data from the state Department of Revenue’s Marijuana Enforcement Division compiled by The Denver Post.
Sales at both medical and recreational marijuana shops hit monthly all-time highs, with just under $43 million and just over $149 million, respectively.
“It’s beginning to look like cannabis is anti-recession, or at least COVID-recession resistant,” said Roy Bingham of analytics firm BSDA. “Everyone has perhaps become more used to consuming a little more.”
In all, the cannabis industry has sold more than $779 million in products so far this year and paid more than $167 million in taxes and fees to the state.
Colorado dispensaries were deemed essential businesses during the pandemic when there were statewide stay-at-home orders.
So far, monthly cannabis sales this year have consistently outpaced 2019, which was the highest-grossing year on record for the state.
AP Photo Ted S Warren