Are marijuana sales in Colorado about to reach its peak?
Just recently, the Colorado Department of Revenue reported marijuana sales surpassing the 1-billion-dollar mark in August, with 200 million in tax revenue collected.
It’s the fastest that 1 billion dollars in sales were reached since both recreational and medical marijuana became legal in 2014.
A record milestone indeed. However, when it’s compared to the previous year’s annual sales figures, a slightly different picture is revealed.
From 2015-2016 during the same period, marijuana sales grew 31.5 percent. The following year in 2017, sales grew 18.7 percent. And this year, Colorado seen its sales grow only 2.6 percent, with some estimating a total of 1.6 billion at year’s end.
See a pattern? In other words, this year’s growth of marijuana sales dwarfs in comparison to years past.
But minimal growth aside, what’s really striking is the sole cause behind it – that being, the demand for cannabis concentrates.
Cannabis Concentrates are Driving Growth
Hash oils, edibles, live resin, you name it, Colorado consumers are in a fervor for it.
Concentrate sales have grown 94.6 percent this year, far surpassing its 13.8 percent climb the year prior. While, dried marijuana sales only grew a meager 1.6 percent.
Using this statistic alone, it’s safe to say, Colorado’s growth in marijuana sales took place only because of concentrate demand.
This then begs the question: Why the sudden explosion in concentrate demand?
Some local entrepreneurs have attributed it to shifting perspectives taking place within non- traditional marijuana customers, such as the middle aged and elderly, in unison with greater selection of concentrate products.
She also mentions that having a greater selection of products allows people who found traditional cannabis experiences unappealing, like smoking, to opt-in for experiences they would much rather prefer.
In other words, behind the scenes of Colorado’s record-breaking sales growth, there are two main causes:
- The efforts of cannabis innovators, who increase product selection for consumers
- The change in consumer perspectives on what cannabis can be used for and how it can be used
But with all this said, how does such information relate to Canada’s cannabis industry?
Cannabis Legalization in Canada, a work in progress
The legal framework for the diverse array of edibles and concentrates are being developed as we speak and is publicly said to be in place during the last months of 2019.
Therefore, for now, government approved retailers will not provide the eclectic selection of products cannabis consumers want, and in many cases, need.
An enormous blow to cannabis patients – not to mention the economy.
However, other retailers in Canada will provide concentrates. One of them being, Herb Approach.
Herb Approach Can Help Provide the Right Experience
In staying authentic to our tradition of being a cannabis health provider for those in need, while providing safe, affordable and convenient access, Herb Approach is proud to hold such a diverse selection of products.
Our menu selection consists of over 500 different cannabis goods, including 50 classic and exotic strains to choose from.
Also, every single one of them is screened and tested by our well-versed cannabis connoisseurs who hold a minimum of 20 years experience.
And given cannabis’ often subjective experience, if a product doesn’t suit your needs, our exchange and points system will allow you to find one that does.
For any questions, click here and talk to our customer representatives today.
Otherwise, become a member and browse for the cannabis experience that best suits you.