Sales of cannabis products grew like a weed in 2020, both in legal markets here in Colorado and around the world.
Global sales topped $21 billion in 2020, a nearly 48% increase over the prior year, according to new data from BDS Analytics Inc., a Boulder-based cannabis market intelligence and research company.
That figure blew away previous forecasts that pegged estimated sales at less than $20 billion.
“The cannabis industry faced numerous challenges in the past few years, none so potentially disruptive as the coronavirus pandemic in 2020,” BDSA CEO Micah Tapman said in a statement. “Our previous forecast was conservative based on the expected economic fallout from the pandemic, but the industry not only survived, it thrived and legal cannabis gained considerable ground, exceeding our expectations in several markets.”
Colorado pot purchases accounted for roughly one out of every $10 spent globally on cannabis last year, data shows.
The Centennial State saw cannabis revenues of nearly $2.2 billion in 2020, up from less than $1.75 billion the year before, according to the Colorado Department of Revenue.
In the month of December 2020, Colorado saw medical and recreational marijuana sales top $186 million.
Of that December total, Boulder County accounted for $11,722,886 in sales, Larimer for $10,789,125 and Weld $3,274,712, according to DOR data. Broomfield doesn’t allow cannabis sales.
In 2020, the cannabis industry deposited $387,480,110 in tax revenue into Colorado’s coffers. Since legalization of recreational cannabis in 2014, the state has raised nearly $1.6 billion in taxes.
BDSA expects rapid growth to continue into 2021 and beyond, forecasting U.S. sales to reach $41.3 billion in 2026.
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