A new study conducted by the Colorado Futures Center, located at the University of Colorado, has concluded that roughly 642,000 Colorado residents will consume nearly 2.4 million ounces of legal marijuana in 2014. This equals roughly 142,000 pounds. According to the study, the average consumer will consume 3.5 ounces for the year.
The study found that the newly-legal marijuana market (thanks to Amendment 64) will bring the state around $130,000,000 in tax revenue for the year, and will drop the price of marijuana down to an average of about $180 an ounce. The study concluded that on average, someone purchasing cannabis will purchase an 8th of an ounce, making the purchase once every two weeks.
All of these estimates are conservative figures, as most data regarding marijuana consumption is typically skewed downward, as not everyone is willing to admit their usage.
The study was released with the goals of helping to determine how much tax the state might make on the recreational marijuana market, in addition to examining the average intake of marijuana consumers.