It appears that Colorado’s booming pot industry has hit a bit of a bump.
Sales of marijuana for recreational and medical use fell in September for the first time since Colorado legalized it in January, according to tax data released this week.
Colorado brought in $7.2 million in taxes and fees from recreational and medical marijuana sales in September. That’s down from $7.7 million in August. Colorado’s Department of Revenue only publishes tax data and not total retail sales of marijuana.
The dip is somewhat surprising considering that sales had been rising steadily since Colorado became the first state to permit the sale of recreational marijuana to anyone age 21 or older.
Industry insiders say the slowdown is not likely to last.
Michael Elliott, executive director of the Marijuana Industry Group, attributed the drop in September to the lull in tourism that typically occurs between the summer and winter months in Colorado.
Tourists are some of the biggest consumers of Colorado’s cannabis. A study by Colorado’s revenue department found that out-of-state visitors account for 44% of total marijuana sales in big cities and as much as 90% in mountain resorts.
– Read the entire article at CNN.