It’s been a little over four years since recreational cannabis auctions began in Colorado. A mint has happened in those four years, and the Federal reserve bank of Kansas City lately released a report that looks at the economic impact cannabis sales have had on Colorado.
An important thing is maintaining sentiment is that some 65% of all jurisdictions in Colorado still do not allow recreational or medical sales, which means that legal smokes cannot be bought in most places in the mood( around 27% of powers give both rec and med marketings ). That becomes the growth of these sectors all the more remarkable.
“In the first month that recreational smoke collects opened in Colorado, recreational auctions surpassed $14 million and medical sales more than double-dealing that quantity at $32.5 million, ” said the report, known as the Rocky Mountain Economist . “Since then, recreational sales have grown crisply while medical auctions have remained approximately flat. In 2014, total annual recreational auctions were $303 million, while medical sales totaled $380 million. By 2017, recreational sales had grown to virtually $1.1 billion, and medical marketings are virtually $417 million. Thus, in 2017, combined marijuana sales in Colorado surpassed $1.5 billion.”
All interesting thing being roughly equal, recreational marketings will ever outpace medical sales since better access to medical marijuana comes with a higher standard of entry into the market, namely a doctor’s recommendation based on a particular ailment. To buy cannabis on the recreational grocery time involves demonstrating proof that you are at least 21 years old.
The report goes on to break down comparisons between the marijuana market and others in Colorado, and the rapid increase of business licenses issued on the recreational slope( “In January 2014, there were 156 business licenses issued for recreational retail stores and 493 business licenses for medical dope storages. By February 2018, recreational retail store licenses had more than tripled to 518 accumulations, while medical permissions had grown slightly to 503 stores.”)
The number of marijuana occupational licenses, which cover every employee in the industry, get from about 5,000 active licenses in early 2014 to approximately 40,000 today.
These are only some of the numbers that demo the amazing emergence of an industry that is not even allowed to operate in more than half of their respective jurisdictions in the state. And when you think about the facts of the case that Colorado is only the 22 nd largest territory in the Union in terms of population size, you can easily suppose just how much possible the cannabis industry has for increment in the course of the coming decades in the U.S.