Colorado has always been the at the forefront of spreading the legalization of cannabis across the nation. The major success of regulating marijuana in the state of Colorado was the proof that others needed to move forward. Over the few years that marijuana has been legalized in Colorado, the industry has grown exponentially every year. This growth and the ensuing economic benefits coming from legal cannabis are what have been pushing other states to follow in Colorado’s footsteps. However, the spread of legal cannabis into other states is causing people to question whether or not Colorado’s market will continue to grow.
In 2014, Colorado had about $699 million in recreational and medical marijuana sales. They continued to grow in 2015 to $996 Million Dollars of recreational and medical marijuana sales. The Colorado cannabis industry has hit $1.3 billion in recreational and medical marijuana sales in 2016. This brought nearly $200 million in tax revenue to the state of Colorado. Along with bringing a ton of cash flow back into the state, the cannabis industry has created a tremendous amount of jobs. The benefits of legal cannabis go much further than supporting the patients who need it. It affects the entire state and local communities in a very positive way.
Many people are wondering how the Colorado Industry will continue to increase its sales. The growth of other markets may begin to affect the growth of Colorado’s existing market. However, industry leaders already focusing on unique directions to take the industry in 2018. One thing that is missing from Colorado’s cannabis culture is the widespread use of cannabis clubs and restaurants. There are already a few cannabis clubs in Colorado, but it is safe to say that they will see more and more cannabis clubs pop up in 2018. The Colorado cannabis industry will begin creating more public, bar-like experiences around their high-quality products.
New Weed Products
Along with creating more of a cannabis culture, the industry will continue to discover new and unique products. All the way from new and improved edibles to refined extraction processes, the Colorado cannabis industry will always be at the forefront of up-and-coming marijuana products. The popularity of Colorado’s third-party vendors helps to set them apart. Many companies are focusing on pushing the branding of their products in 2018. Not only does this help to attract people to the Colorado weed market, but it sets up Colorado companies to be the leaders in the industry. If or when cannabis becomes federally legal, Colorado is still positioned to be at the top!
2018 is also predicted to be a good year for marijuana stocks. There are not a ton of cannabis companies available on the stock market, but there is some serious potential for certain sectors. For instance, Leafbuyer Technologies is a publicly traded company. The growth of the cannabis stock market will help to push the continuous growth of the industry. While it is uncertain how antagonistic of a role the federal government will play in the future of marijuana, it is safe to say that the Colorado cannabis industry will continue to flourish and grow.