Colorado Cannabis Sales Reach $500 Million in 2016.

In the first five months of 2016, Colorado marijuana sales already were starting to flirt with the half-billion mark. Colorado recreational pot shops and medical marijuana dispensaries reeled in nearly $98.6 million in sales during May, bringing the year-to-date tally for 2016 to just over $486 million, according to Colorado Department of Revenue tax data released Wednesday. The state’s cannabis industry very well could surpass $1 billion in sales by November, if the coming months’ sales keep pace with 2015 monthly revenue. The May sales — $37.7 million from medical and $60.85 million from retail — represent the fourth-highest monthly total since Colorado started recreational sales in January 2014. Colorado’s monthly marijuana sales set a record $117.4 million last month — likely buoyed by the April 20 marijuana holiday. The May sales of flower, edibles and concentrates resulted in a nearly $14.5 million boost to Colorado coffers. Through May, taxes and license fees have contributed upward of $71.4 million in tax revenue, according to the data. Original Source: The Cannabist