A Billion dollars in annual sales on the horizon for Colorado’s pot industry?
With demand exceeding expectations Colorado, the nations first legal marijuana state, is flying high. A recent article by Nick Allen of the Telegraph suggest when you combine both the recreational and medical users annual sales could reach 1 billion.
“Seven weeks after the first batches of the drug were sold there are now 163 cannabis retail shops in the state, and the drug is selling for more than the $202 an ounce that had been predicted.
Mr Hickenlooper, a Democrat, had opposed legalization but the measure was passed by 65 per cent of Colorado voters. In a letter to local politicians this week the Governor said he was “pleased” with the extra revenue.
He said the new estimates were based on “a number of assumptions of the new industry including consumption patterns, market price, the number of retail stores entering the market, and other economic and control variables. We anticipate that these projections will change monthly as more data is collected and actual revenue”.
The “other variables” he referred to are likely to include the number of tourists visiting and buying the drug.”
Inside a Cannabis Production Plant