California, the biggest and most populated American state, legalized recreational weed. It also became the first state to make medical marijuana legal in 1996. California topped all states in pot transactions last year with $2.75 billion. Yet, Colorado could be the next state everyone will talk about with regards to cannabis sales.
“Rocky Mountain High” came second to California generating sales of $1.56 billion and excess income of $250 million from weed sales alone. Data from Colorado’s revenue department recorded shops earning a high of $1.51 billion in sales (2017) for both recreational and medical concentrates. In January and February alone of 2018, total purchases already reached almost $43 million. The cannabis business turned out profitable for Colorado State.
The marijuana enterprise has thrived across the United States. However, the ideal place to start would be Colorado, the origin of legal cannabis. In November 6, 2012, voters approved Colorado Amendment 64 authorizing weed got adult recreational consumption. The first sale was made on January 1, 2014.
“Grass Boom” Colorado Cannabis Sales
Recreational weed flourished in this state. More dispensaries opened. The volume of plants and edible products has increased almost every month since that first day of 2014. Looking at the very impressive cannabis sales alone shows industry stakeholders see brighter prospects ahead.
Many local marijuana enterprises have grown and expanded to other states. They focus on concerns like research, licensing, and innovation. These business owners operating under the regulatory framework of Colorado have the advantage by expanding elsewhere.
Obstacles remain such as secure and continuous access to banking. Weed entrepreneurs don’t need to work in an all-cash setting all the time. Academic research about marijuana plants is equally vital. Meanwhile, the “boom” goes on. Cannabis sales taxes go to roads, infrastructure, education, and drug rehab programs.
As the industry brought in billions of dollars in revenues, startups as well as large enterprises alike prospered. How did legalization of cannabis in Colorado impact other states? At least eight of them followed the example that Colorado set. These states were Alaska, California, Maine, Massachusetts, Nevada, Oregon, Vermont, and Washington, according to https://myersroberts.com/.
Taking the Lead
Colorado emerged as a “veteran state.” Specialized institutions like the Denver Cannabis College surfaced. The school educates entrepreneurs about the business aspect of cannabis. Subjects include effective cultivation techniques, meaningful medical knowledge, and logistics. 20 years ago, nobody ever imagined marijuana shops selling weed concentrated merchandise. A new generation of marijuana farming and technology developed.
An article published in the illustrious Forbes.com mentioned legal cannabis will create more job opportunities in America. Its current market is projected at $7.2 billion with an annual growth rate of 17%. Adult recreational pot is expected to reach $11.2 billion by the year 2020. Medical cannabis sales will also climb to around $13.3 billion. New states legalizing weed will add to the present sales figures.
Importance of Education
Companies must find ways to educate consumers on various cannabis strains. People must also find out how to use the drug effectively. One family-owned and operated cannabis firm in Colorado (The Green Solution) believes education remains the key. It will make marijuana more accessible and address misinformation issues. These essential concerns include pricing, regulatory measures, product branding, and prompt delivery of services.
Colorado’s cannabis industry is on the rise. It may have slowed down a bit since 2014. But the state will surely take advantage of this surge within the next few years.
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