By Associated Press
(AP) — Marijuana sales in Colorado have pushed the industry’s annual revenue in 2020 to over $2 billion for the first time since cannabis was legalized for recreational use by a 2012 ballot measure.
Recreational and medical sales for marijuana accounted for about $175 million of revenue in November alone, according to data released by the state Department of Revenue. While the month’s revenue was down about 12% compared to October, the numbers were sufficient to help the state surpass the $2 billion annual revenue threshold, The Denver Post reported.
The state collected nearly $32 million in taxes and fees from marijuana sales in November.
The 2020 uptick in marijuana revenue coincides with political momentum that saw voters in South Dakota, Mississippi, New Jersey, Arizona and Montana legalize some form of use in the November election.
Roy Bingham, co-founder and executive chairman of the data firm BDSA, previously told the Post that the national marijuana market grew more than 45% to $18 billion in 2020, which outpaced projections by about $2 billion.