Monthly Recreational Marijuana Sales in U.S. Averaging $124M
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Colorado, Oregon and Washington State are averaging a combined $123.5 million in monthly recreational marijuana sales so far this year, putting the industry on pace to rack up at least $1.5 billion in adult-use cannabis revenue at the retail level in 2016.
The three states have all seen sizable monthly increases in recreational marijuana sales, underscoring the continued growth potential for this side of the cannabis industry.
If sales continue to grow on a monthly basis at current rates in these states, overall adult-use revenues could hit $1.8 billion or possibly even touch $2 billion this year. Alaska also is expected to get its recreational industry up and running in the second half of 2016, which will push the final tally even higher.
Monthly sales of recreational marijuana in the nation’s largest and oldest adult-use market, Colorado, averaged $62 million from January through April (the state has not yet released May data). Month-to-month growth has been somewhat uneven, but it averages out to a robust 7%.
Colorado’s rec industry hit a record in April, when sales totaled $76.6 million largely due to the 4/20 holiday.
In Washington State, recreational marijuana sales from January to May totaled $229 million, equating to a monthly average of $46 million. The state got off to an extremely slow start and lagged severely behind Colorado for a while, but it has made up some ground as of late.
Sales have grown about 5% a month so far this year in Washington, setting new records for the state in each of the past five months.