When marijuana was legalized in Colorado, many businesses are fighting to apply for Colorado tax ID in order to cash in with the demand but things are not doing so great with the cannabis industry in the state right now. Reports have shown that the sales are coming to a slow and during the month of April it was almost flat compared to the same month in 2017. Moreover, the year-over-year sales are also starting to climb down reaching a lower single digit. These figures were taken from the published state data.
For April 2018, the shops selling marijuana within Colorado earned a total of $124.31 million which is almost the same as the amount earned in 2017 for the same month at $124.27 million. The sales figures were provided by the Colorado Department of Revenue. All throughout the month of April, the cannabis sellers in Colorado were able to earn almost $490 million from cannabis products such as concentrate, flower and edibles. The number is almost 4.5 per cent higher compared to the amount earned in the first four months of 2017.
Industry experts said that the slowing sales are not surprising because the sector has already reached maturity in the state. It has already surpassed the phase where the business sector is just starting out and expanding here and there. Experts said that natural maturation is to be expected because of many contributing factors including the increase in the number of economic forces, the conversion of sales which are no longer confined to the black market and the pressure coming from other states in the countries that are conducting programs related to cannabis.
Medical marijuana is also experiencing the same slow growth in terms of its year-to-date as well as monthly figures. Shops earned $27 million in April 2018 for selling medical marijuana while the same month last year the number is higher by 29 per cent. The year-to-date has also reached a low point at $122.2 per cent which is lower by 18.9 per cent compared to 2017.
Nevertheless, more businesses are expected to apply for Colorado tax ID because despite the slow growth the figures are still on a high.