Cannabis sales increase in 2020

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Sales of cannabis products grew like weeds in 2020, both in legal markets here in Colorado and around the world.

Global sales in 2020 were over $ 21 billion, up nearly 48% year over year, according to new data from BDS Analytics Inc., a Boulder-based cannabis market research and research company.

That number defeated previous projections that had estimated sales of less than $ 20 billion.

“The cannabis industry has faced numerous challenges in recent years, none of which have been as disruptive as the 2020 coronavirus pandemic,” BDSA CEO Micah Tapman said in a statement. “Our previous forecast was conservative based on the expected economic consequences of the pandemic, but the industry not only survived, it thrived, and legal cannabis gained considerable ground and exceeded our expectations in several markets.”

According to data, Colorado pots purchases accounted for roughly one in every $ 10 spent on cannabis worldwide last year.

Centennial State had cannabis sales of nearly $ 2.2 billion in 2020, up from less than $ 1.75 billion the previous year, according to the Colorado Treasury Department.

In December 2020, Colorado, Colorado had sales of over $ 186 million in medicinal and recreational marijuana.

Of that total in December, DOR data saw $ 11,422,886 in Boulder County, $ 10,789,125 in Larimer, and $ 3,274,712 in Weld. Broomfield does not allow cannabis sales.

In 2020, the cannabis industry deposited $ 387,480,110 in tax revenue into Colorado’s coffers. Since legalizing recreational cannabis in 2014, the state has levied nearly $ 1.6 billion in taxes.

BDSA expects its rapid growth to continue through 2021 and beyond, and forecasts that US sales will reach $ 41.3 billion in 2026.

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