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Articles > How Did Colorado Generate Over $700 Million Off Of Cannabis In 2014?

How Did Colorado Generate Over $700 Million Off Of Cannabis In 2014?
March 2, 2015

Two weeks ago, Technical420 published a report on Colorado’s 2014 marijuana sales. Colorado’s recreational marijuana program was a huge success during its first year and we expect to numbers increase year of year for years to come. During 2014, Colorado generated $700 million in revenue from the sale of marijuana and the state brought in $76 million in tax revenue. Last week, Colorado released a formal breakdown of how the revenue was generated.

A budding industry

One of the main reasons why Technical420 expects to see year over year growth is because we expect to see the legal marijuana industry expand into new counties in Colorado over time. Colorado’s marijuana market hit sales of $700 million with only 67 of the state’s 321 jurisdictions allowing the sale of recreational and medical marijuana. 21 jurisdictions in Colorado only allow for medical marijuana to be sold and 228 prohibit the sale of both recreational and medical marijuana.

Another catalyst for growth during 2015 will be issuance of more retail and medical licenses. As of December 2014, Colorado issued 833 retail licenses and 1,416 medical licenses. Technical420 expects to see these numbers increase when new counties come on board and allow for the sale of recreational and medical marijuana.

Colorado saw the number of people working in the cannabis industry more than double during 2014. This is a trend that we expect to continue as the industry grows. In January 2014, 6,593 people were licensed to work in the marijuana industry. This number increased to nearly 16,000 people by the end of the year.

Breakdown of sales

  • 5 million marijuana infused edibles were purchased

    • 2 million units on the medical side (40%)

    • 3 million units on the recreational side (60%)

  • 150,000 pounds of cannabis flower was sold

    • 110,000 pounds sold medically (75%)

    • 40,000 pounds sold recreationally (25%)

We find this breakdown to be quite interesting.  It is important to note is how recreational edibles dominated the edibles market, but not on the flower side. On the flower side, recreational sales only accounted for 25% of sales.

Due to edibles being the preferred method of consumption on the recreational side, let take a look at who the major players are in that space.

Companies Involved in the Edibles Market

  • GFARMALABS

    • The company received an offer of $100 million for a 20% stake in his company from an investment firm they met at the CannaBusiness Money Show in Boston

    • GFarmaLabs Mint Meltaways product won best edible at Cannabis Cup

    • They are looking to raise $5 million though a private stock offering to expand its presence in California and pave the way for national growth

    • Selling 2 million shares @ $2.50

  • Dixie Elixirs & Edibles

    • Manufactures more than 100 cannabis-infused products for Colorado's adult retail marijuana market

    • Dixie products are sold in an estimated 90 percent of the Colorado's dispensaries

A complete list of edibles providers can be found here: http://mmjbusinessdaily.com/industry-directory/infused-products-edibles-providers/

Conclusion

Many people may be surprised to see that the preferred method of recreational consumption is through edibles. Unfortunately, investors are not able to invest in a major edible producer through the public market because these companies are privately owned. We expect this to change as the cannabis industry and its constituents mature. Some of the companies have completed private offerings and may be going public in the near future. Stay tuned for updates!

http://www.thecannabist.co/2015/02/27/marijuana-report-colorado-pot-med/30604/

http://dixieelixirs.com/

http://www.gfarmalabs.com/

http://mmjbusinessdaily.com/edibles-company-seeks-5m-in-private-stock-offering-for-expansion/

http://www.entrepreneur.com/article/233885

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