Now that recreational marijuana is legal in four states, adults are beginning to indulge in the drug more than ever before. According to a report written by the ArcView Group, in 2015 dispensary sales in Colorado reached $1.005 billion.
This is nearly 45 percent higher than in 2014, when annual sales reached around $700 million. Economists are beginning to have enough data to compare the seasons accurately. According to the Denver Post, the most popular time of the year to purchase marijuana in Colorado is in the summer, with the ski season as a close second.
“(The fourth quarter) did not continue the momentum of (the third quarter),” said Roy Bingham, CEO of BDS Analytics. “In fact, Q4 came in well below Q3, suggesting among other things that this is a more seasonal market than might have been expected.”
These numbers include recreational sales alone. Colorado also has an active medical marijuana industry that drew in over $400 million last year. This number appears quite a bit lower than the recreational statistic, but keep in mind the cost of medical marijuana is about half the cost. These dispensaries are selling more inventory for the same price.
The report also examined nationwide marijuana use. From 2014 to 2015 adults who purchased marijuana increased from from $351 million to $998 million. That is an 184 percent difference.
It is clear that more adults are visiting dispensaries each year, the question is whether or not these numbers will continue to rise. For more about the report published by the ArcView Group, based out of San Francisco, check out the full Denver Post article.