Colorado weed sales set to crush annual record, with another $200 million month in September
Weed enthusiasts purchased more than $206.4 million worth of Colorado-made marijuana products in September, as sales from a record-breaking year moderately cooled off.
Recreational dispensaries sold $166,547,119 during the month, while medical dispensaries sold $39,941,149 for a combined $206,488,268 in revenue, according to data from the Colorado Department of Revenue.
Sales decreased 5.5% compared to August, but are up 33% compared to September 2019 as marijuana experiences a banner year for sales despite the coronavirus pandemic.
Colorado raked in $38.6 million in taxes and fees from cannabis sales in September.
Sales hit an all-time monthly high in July at $226 million. So far in 2020, consumers have spent more than $1.63 billion on smokable cannabis flower, concentrates, edibles and other products — approaching the previous annual record of $1.75 billion set in 2019.
Part of what’s driving sales is a change in buyer behavior. Since the pandemic began, marijuana consumers have become accustomed to shopping less frequently, but purchasing more when they do decide to hit a dispensary. According to Headset, which tracks cannabis sales trends around the country, the average basket size in Colorado was about $60 per person in September, up 25% from about $48 in January.
“What’s really interesting is the trends in average basket size and total transaction volume that have contributed to this growth,” said Cooper Ashley, data analyst at Headset. “With the assumption that customers are making larger, but fewer cannabis shopping trips, we would then expect to see a drop in the total transaction volume, which we did see, but only in April.
“While there has been a slight decrease in average basket size as we move into autumn, baskets are still much larger than they were this time last year, indicating that this trend may be a ‘new normal,’” Ashley said.
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