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Colorado Cannabis Sales Reach $500 Million in 2016.

In the first five months of 2016, Colorado marijuana sales already were starting to flirt with the half-billion mark.

Colorado recreational pot shops and medical marijuana dispensaries reeled in nearly $98.6 million in sales during May, bringing the year-to-date tally for 2016 to just over $486 million, according to Colorado Department of Revenue tax data released Wednesday.

The state’s cannabis industry very well could surpass $1 billion in sales by November, if the coming months’ sales keep pace with 2015 monthly revenue.

The May sales — $37.7 million from medical and $60.85 million from retail — represent the fourth-highest monthly total since Colorado started recreational sales in January 2014.

Colorado’s monthly marijuana sales set a record $117.4 million last month — likely buoyed by the April 20 marijuana holiday.

The May sales of flower, edibles and concentrates resulted in a nearly $14.5 million boost to Colorado coffers. Through May, taxes and license fees have contributed upward of $71.4 million in tax revenue, according to the data.

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Original Source: The Cannabist

 

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