Despite fears around the negative impact that recreational cannabis use might have on medical marijuana sales, those fears just aren’t holding true.
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According to the Marijuana Business Daily, Colorado sales of medical and adult-use marijuana hit $846 million during the first eight months of 2016, up 33% from the same period last year, according to calculations by Marijuana Business Daily based on the latest state tax data.
Dispensaries and rec shops reported $126 million in cannabis sales in August alone – a new record for the state’s marijuana industry. Recreational cannabis accounted for nearly $85 million of the total, up a whopping 43% from August a year ago. Medical marijuana sales came in at $41 million in August – with an overall increase up 10% during the first eight months of the year.
Over the next five years, the marijuana industry is expected to continue to grow, with ArcView predicting that 14 more states will legalize recreational marijuana and two more states will legalize medical marijuana. At least 10 states are already considering legalizing recreational marijuana in just the next two years through ballot measures or state legislatures.