The streak continues for the Colorado cannabis industry.
Colorado marijuana shops in September reeled in $127.8 million in sales of medical and recreational cannabis, notching a new revenue record for the third consecutive month, according to newly released data from the Colorado Department of Revenue.
So far this year, sales have topped $974.3 million in nine months, about $22 million shy of the $996.2 million revenue totaled for the entirety of 2015. This time last year, September monthly sales were $94.7 million — $38.3 million from medical marijuana and $56.44 million from recreational marijuana — and year-to-date sales were nearly $733.8 million.
The sales jump this time around can be attributable to soaring recreational marijuana sales. In September, medical marijuana sales were $39.6 million while the portion of sales coming from recreational purchases was $88.2 million — the highest-ever monthly total for adult-use sales.
The summer of 2016 has been bountiful for the state’s marijuana shops, with new revenue records set in July, August and now September.
The spike likely is spurred by seasonal purchases, Adam Orens, a BBC Research and Marijuana Policy Group economist, said in September. More residents and tourists are “out and about” for the summer and participating in a variety of recreational activities, he said at the time.
Also new for 2016 was the implementation of a new law that increased the daily purchase limit for non-residents to one ounce, up from a quarter-ounce. That law took effect in June.
The September 2016 sales generated about $19.2 million in tax revenue for the state, bringing the year-to-date total for taxes and licensing fees to $144.2 million.