Marijuana sales in Colorado are soaring. The state, which legalized adult pot use in 2014, achieved a milestone in May, when pot sales topped $100 million for the 12th consecutive month, according to a Thursday report by marijuana news site The Cannabist.
Colorado sold over $127.7 million worth of cannabis flower, edible products and concentrates in May, according to The Cannabist’s analysis of the state’s marijuana tax data. More than $35.7 million of sales stemmed from medical marijuana purchases, and recreational-use items generated $90.1 million in sales.
Bethany Gomez, director of research for marijuana market research firm Brightfield Group, told the site that hitting the $100 million mark has become “the new norm” in Colorado, with some $1.4 billion in sales between May 2016 and May 2017. During that time, Colorado racked up over $233 million in taxes and license fees.
“What you’re seeing in Colorado is similar to other industries: We’re starting to see lower double-digit growth rates, rather than the triple-digit growth rates,” said Gomez. “That time of massive growth expansion in Colorado, I think, is over.”
Despite the expansion slowdown, the Continental State is still headed toward as big a year as 2016 for weed revenue. The industry as a whole reaped over $6.7 billion in sales last year, according to a December report by marijuana analytical firm Arcview Market Research, with Colorado sales topping $1 billion.
For the first five months of 2017, cannabis sales across the state were up 27 percent, compared to the same period the year before.
Although Colorado will remain an industry frontrunner—most likely until California launches recreational sales in 2018—some marijuana experts believe sales in Nevada could eventually give Colorado a run for its money.
Nevada started allowing adults 21 and up