Colorado Cannabis Sales Top $150M in June: Here’s Where You Can Invest
August 13th, 2020
Colorado cannabis sales topped $150 million for the first time ever during the COVID-19 pandemic. According to the Department of Revenue’s Marijuana Enforcement Division, recreational consumers spent $158.1 million at Colorado shops in June. Combined recreational and medical sales reached nearly $200 million—a 3.5% increase over May’s record sales.
Per capita spending nearly to $290 since the state’s legalization in 2014, according to BDSA. At the same time, the number of adults that said they consumed cannabis over the past six months has risen form 24% during the third quarter of 2017 to 42% just two years later. The analyst attributes these increases to improved availability and widespread acceptance.
The Colorado Department of Revenue announced that it connected $33.62 million in taxes and fees in June, which brings its 2020 total to more than $203 million, putting well on its way to beat least year’s tax haul of $302.5 million on $1.75 billion in total sales.
Last year, the state opened the door to more widespread investment by eliminating a rule that prohibited public companies from owning or investing in Colorado cannabis businesses. Several public companies have been expanding their presence in the state since then, taking advantage of the new rules and the mature and rapidly growing market.
Columbia Care Inc. (CCHWF) recently acquired The Green Solution (TGS) for $140 million, which is one of the largest vertically integrated cannabis operations in the state. TGS operates more than 20 dispensaries throughout Colorado and has nearly 50,000 pounds of cannabis cultivation capacity—and it reported record second quarter financial results.
Schwazze Inc. (SHWZ), formerly known as Medicine Man Technologies Inc., has announced numerous deals to acquire assets throughout Colorado. Its portfolio could contain top-tier licensed brands spanning cultivation, extraction, infused products, dispensaries, consulting and a nutrient line backed by experienced leaders in Colorado’s market.
Many multi-state operators, or MSOs, have been focused on limited license states as initial opportunities to capture market share, but they could expand into Colorado’s market as a play on their economies of scale. Due to their large size, these companies have lower costs than many smaller competitors, enabling them to compete better on price.
Either way, investors may want to keep an eye on Colorado’s market over the coming quarters as it continues to show robust signs of growth and greater stability than newer state markets.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.
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