These US states are breaking cannabis sales records

Published Aug 7, 2020 12:00 p.m. ET
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Oregon, Illinois, and Colorado have something green in common, legalization of cannabis plant consumption.  Besides being legal places to access cannabis, these states are breaking records in legal cannabis sales. Despite the deadly COVID-19 and the threatening recession, cannabis sales maintain and exceed the numbers from previous months. Do you ever wonder why these states can break the green cannabis sales records?

Colorado

Cannabis sales in May for this state have been recorded as more than 192 million dollars. That number is a 50 million dollar increase from the prior month. Cannabis sales in this state have hit the highest level since recreational sales started in 2014. The numbers are reported by the Department of Revenue’s Marijuana Enforcement Division. The sales of both the recreational and medicinal cannabis hit monthly highs. Colorado is experiencing record highs in cannabis sales.

Bingham cofounder of BSDA analytical firm concludes that many factors that the COVID-19 has caused numerous people and businesses are likely one of the causes for the rise in cannabis sales within this state. Bingham has noted that as the state went into lockdown and the stay at home order was issued, more people were using cannabis even more frequently and in more significant amounts.

Illinois

Cannabis sales for this state in June are reported as being in the 47.6-million-dollar mark. A 3.7 million dollar increase in cannabis sales from May was noted. Despite the effects of the virus, cannabis revenue was from the residents and out of state visitors. They are responsible for the rise in the cannabis revenue of the state despite the virus. January was the first month of cannabis legalization in the state and saw revenue in the 39-million-dollar range.

However, the month of May saw revenue from cannabis sales surpassing the amount collected from the first month of legalization sales.  The state  Illinois Department of Financial and Professional Regulations has reported that nearly one million individual products have been sold. These sales are despite the interference of COVID 19  and the closing of some recreational dispensaries. The deeming of cannabis being an essential service lifted the sales of cannabis.

The allowing of curbside pick up and delivery perhaps put cannabis sales in the green by enabling businesses to remain open. The sales number for cannabis sales in the state did not include medical cannabis revenue in May.  At this pace, the state is set to make a new yearly annual record for medical cannabis sales for the year 2020. The increase in cannabis sales is also attributed to the number of retail licenses being awarded and more stores opening.

Oregon

The fantastic number of cannabis sales in Illinois reached the 103-million-dollar mark for May. June saw the number for cannabis sales in  Illinois, one of the legal states for cannabis consumption as being over the 100 million dollar mark. 38.5 million dollars more revenue from recreational and medical cannabis over the same period last year. The Oregon Liquor Control Commission is reporting a 60 percent increase in sales.

Last words

Despite the damage that many businesses have suffered through due to the COVID-19, these three states show evidence that not everything associated with the virus was negative. The three for mentioned states have proof that the virus for some has been a profitable yet deadly interaction.

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