Four years after becoming fully legalized for both recreational and medical, the marijuana industry in Colorado reached $1 billion in revenues last year.
According to the Colorado Department of Revenue, dispensaries generated $1.3 billion in legal marijuana sales… in what was its third year since becoming legal.
Of that number, $875 million came from recreational marijuana sales, while $438 million came from medical marijuana sales. And, of those sales, Colorado took in $199 million in taxes and fees.
2016 was the third year in a row that weed sales increased within the state, though it was the first time it crossed the $1 billion threshold. In 2014, sales were at $699.2 million, followed by $996.2 million in 2015.
Despite the huge growth, experts believe sales will level off, due to factors like increased competition as more states begin to legalize the drug… but the novelty is slowing.
According to the Denver Post, the Colorado Tourism Office found that fewer people were visiting the state solely to get stoned.
Also, marijuana prices have already dipped a bit nationally, which could indicate that the market is starting to exceed the demand.