Colorado marijuana sales in November pushed the industry’s annual revenue to $2 billion for the first time.
In November, dispensaries sold $175.1 million worth of products, according to figures released by the Department of Revenue on Tuesday. Recreational sales accounted for about $140.5 million, while medical sales accounted for nearly $34.7 million, the agency reported.
While the total is down about 12% compared to the month prior, it was enough to help Colorado hit yet another financial milestone in an already banner year for cannabis.
From January through November 2020, consumers purchased slightly more than $2 billion, the Department of Revenue reported. The previous year, dispensaries reached $1.75 billion in annual sales, a record at the time.
The state collected nearly $32.4 million in taxes and fees in November.
Though Colorado’s monthly sales cooled off in November, the national conversation around marijuana heated up.
Voters in South Dakota, Mississippi, New Jersey, Arizona and Montana legalized the plant for recreational use, medical use or both during the election.
Analysts don’t expect that to impact Colorado’s canna-tourism industry or sales in the coming year, though they are bullish about the industry’s momentum.
Roy Bingham, co-founder and executive chairman of Boulder data firm BDSA, previously said that the national market grew more than 45% to $18 billion in 2020, outpacing forecasts by about $2 billion, an increase attributable to “the Covid-19 effect.”
Colorado experienced similar trends, smashing sales record after record, month after month, during the spring and summer.