Colorado cannabis sales have reached a record high.
Over the past year, Colorado’s marijuana industry took a surprising spike, reaching nearly $1.75 billion in sales — setting an annual record for the state, CNN Business reported, citing data from the Colorado Department of Revenue.
As the state with the longest-established recreational cannabis industry, sales began to plateau as seen over the past few years, the outlet explained.
From 2017 to 2018, Colorado’s cannabis sales grew by only 2.5 percent. However, the years 2018 to 2019 saw a year-over-year increase of 13 percent.
Tom Adams, managing director at cannabis market research firm BDS Analytics, told CNN Business that these slow growth rates can be attributed to price drops in cannabis buds.
“To see it turn around in 2019 is a bullish indicator that price compression can’t keep the popularity of legal cannabis down,” he explained.
However, the recent growth in sales can be linked to the increase of non-flower products, including edibles, vapes and beverages, as well as a change in consumer behavior.
“It’s just become a part of people’s lives more and more,” he added.
Additionally, Adams shared that people are now becoming more comfortable with buying cannabis products, purchasing them more frequently. This notion is in line with recent studies that found an increase in the number of adults who consumed cannabis in the previous six months.
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