Marijuana sales in Denver reach record high of $587 million
Posted by Sagar Satapathy on August 13, 2018.
Marijuana sales in Colorado’s Denver dispensaries reached a record high as they sold more than $587 million in marijuana in 2017.
According to the city’s annual report on the marijuana industry released Thursday, the retail sales totaled $377 million in Denver.
The revenue from all marijuana sales in the city grew to $44 million in 2017 which is a 20 percent increase from 2016.
In a news release, Denver Mayor Michael B. Hancock said, “This new report demonstrates Denver’s coordinated approach between multiple agencies to manage marijuana is working.”
“We took on the daunting challenge of becoming the first major city in America to manage legalized recreational marijuana and we are having success,” added the press release.
In Denver, the revenue is being used for several purposes like paying for regulation of the marijuana industry, enforcement of its laws and drug education.
A portion of the revenue is also paid for maintenance, affordable housing and opioid intervention.
The annual report on the marijuana industry also revealed that portion of statewide marijuana sales in Denver continues to fall as sale increased in other parts of Colorado.
In Denver, the marijuana sales represented 39 percent of total sales in 2017 as against 48 percent in 2014.
As per the reports, Dispensaries across Colorado sold a record of more than $ 1 billion of recreational marijuana products in 2017, a 27 percent increase from 2016.
Post the legalization of retail sales in 2014, dispensaries across the state have sold more than $2.8 billion of recreational marijuana.
However, the sales of medical marijuana have gone down across the state compared to 2016.comments powered by Disqus