May was another milestone month for Colorado cannabis sales.
The $127.7 million of flower, edibles and concentrates sold at the state’s marijuana shops in May didn’t set a record for monthly sales, though. That honor still goes to March of this year, when sales totaled $131.7 million, according to The Cannabist’s extrapolations of Colorado marijuana taxes and fees data.
May’s benchmark, rather, is one of consistency.
It marked the 12th consecutive month that Colorado marijuana sales topped $100 million.
“I think that $100 million a month (in sales) are the new norm,” said Bethany Gomez, director of research for Brightfield Group, a market research firm focused on the cannabis industry.
Through May, the industry’s sales neared $620 million, generating close to $96 million in taxes and fees revenue for the state, The Cannabist’s calculations show.
Total sales for the first five months of 2017 were up roughly 27 percent from those tallied during the same period last year, representing a comparable year-to-date growth rate to that notched in April 2017.
Colorado’s marijuana industry remains in expansion mode, Gomez said, but the sales trends are indicative that the state’s market is approaching maturity.
Gomez echoed other analysts’ past statements to The Cannabist that Colorado’s marijuana industry is approaching a plateau and should expect a deceleration in growth rates — but not necessarily a decline in sales.
“That time of massive growth expansion in Colorado, I think, is over,” she said.
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