Marijuana users in Colorado are blazing a trail when it comes to the profitability potential of the drug for the States.
Last month, data was released on Colorado’s rapidly developing recreational cannabis industry. Colorado’s Department of Revenue recently revealed that the state collected $70 million and cannabis related taxes from July 2014 to July 2015.
By comparison, liquor-related taxes amounted to $42 million for the same period. Colorado was the first state to collect more taxes for marijuana and alcohol.
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The success is even more remarkable because the marijuana sector in Colorado is much more heavily regulated than the liquor industry.
For business person Ryan Fox, the fast-growing industry is concrete proof that more people what do you do marijuana over alcohol if given the choice.
Fox is CEO of The Grass Station, one of Colorado’s largest and oldest recreational marijuana dispensaries in Colorado.
He said he has witnessed his consumer base transform into well-informed repeat customers who know the brands and types of strains they are looking for.
“That repeat business and targeting of products and brands speaks volumes to the change in consumer behavior here in Colorado,” Ryan Fox explained. “And it is exactly why the sales and tax revenues are on the up for 2015. It shows that consumers are price-conscious, intentional about what they buy and how often, and that they are looking for quality and availability when they go shopping.”
Next year will be The Grass Station’s sixth year in operation. According to Fox, business is going to be better for marijuana in Colorado in 2016, which could lead to a further decline for the liquor industry.
“We’re a business that’s evolving rapidly and setting records each month,” he adds. “The industry is expanding exponentially, and it makes sense that legal cannabis consumption would be making inroads when it comes to the sales of liquor, beer or wine here in Colorado.”
