Colorado Marijuana Sales Fall in September
According to tax data released earlier this week, marijuana sales in Colorado have began to take a dip for the first time since full legalization began in 2012. The decrease of sales from 7.7 million in August to $7.2 million in September is surprising; however industry analysts are speculating that it is only temporary.
Tourism has been one of the main sources of revenue according to the Colorado revenue department, which found that out of state marijuana consumption accounted for 44% of accumulated marijuana sales in large cities, and around 90% in mountain ski resorts. Marijuana advocates such as Toni Fox, dispensary owner of 3D Cannabis Center, are attributing the lack of sales to the gap in tourism that happens between seasons in Colorado.
"Once the ski resorts open, sales will pick back up again," she said in an interview with CNN Money.
Other advocates such as Michael Elliot, director of the Marijuana Industry Group, are remaining optimistic despite the cyclical lag in sales of September. Elliot expects overall marijuana sales for both recreational and medical use to be worth an estimated $700 million for the year.
"There's no reason to expect a loss of interest," Elliot said to CNN Money. "In fact, I'm hearing the opposite."