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With liquor stores seeing significant sales declines while we stay near our home during the COVID-19 pandemic, Colorado’s marijuana industry has had its most financially successful months since Recreational Pot legalization.
According to the U.S. Treasury Department, Colorado pharmacies sold nearly $ 199 million in marijuana products in June, the highest monthly total since 2014. The previous record was set the previous month when pharmacies had sales of 192 in May , Grossed $ 2 million.
Initial government projections saw marijuana revenues fall this summer, driven by less tourism and falling wages due to the COVID-19 pandemic. However, after a bumpy March and April that brought regulatory changes and nationwide stay-at-home orders, marijuana sales began to rebound, grossing over $ 390 million in May and June. That is around 25 percent more than total sales for the same two-month period in 2019.
Recreational cannabis sales have definitely risen this summer, according to DOR data, reaching $ 158.1 million in June, reflecting the slight decline in medical marijuana sales that rose from $ 42.9 million in May fell around $ 40.8 million in June, more than making up for it.
Denver pharmacies had sales of more than $ 66.1 million in June, according to DOR, while Arapahoe County pot shops had over $ 16.5 million in transactions and Adams County shops 14.6 million US dollars.
Several Denver pharmacies have announced unusually profitable summers so far. The Dab, a drugstore in western Denver, recently reported a 30 percent year-over-year increase in sales. Green Dragon, one of the state’s largest pharmacy chains, has reported sales growth at its fifteen Colorado locations, including stores in mountain towns like Telluride and Breckenridge.
Colorado Department of Revenue
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Thomas Mitchell has been a cannabis-related writer for Westword since 2014, covering sports, real estate, and general news for publications such as the Arizona Republic, Inman, and Fox Sports. He is currently the cannabis editor for westword.com.