Colorado Recreational Cannabis Sales Exceed $5 Million In First Week
The 37 Colorado businesses which began selling recreational cannabis on January 1st made a combined total of roughly $5 million in sales in their first week, demonstrating a strong demand for legal cannabis, and ushering in hundreds of thousands of dollars in tax revenue for the state.
Colorado, the first state to allow retail recreational cannabis sales to those 21 and older, has projected nearly $600 million in combined annual cannabis sales, a number that may turn out to be a conservative estimate.
“Every day that we’ve been in business since Jan. 1 has been better than my best day of business ever,” says Andy Williams, owner of Denver’s Medicine Man, a medical cannabis dispensary that now also sales recreational cannabis.
On average, shops sold between 30 and 60 pounds of cannabis in their initial week.