Ryan Fox, the founder and CEO of The Grass Station, one of the oldest and largest recreational dispensaries in Colorado, says the latest figures on the state’s sales of legalized marijuana acknowledge that the recreational cannabis business is growing rapidly and maturing into a legitimate industry.
Last month, according to the website AllGov.com, Colorado’s Department of Revenue reported the state collected nearly $70 million in cannabis-related taxes from July 1 of 2014 to the end of June this year; compared to around $42 million in alcohol-related taxes during the same time period. That makes Colorado the first state in the union to collect more taxes from marijuana than from alcohol.
While total sales of legal cannabis fell short of projections in Colorado last year, the first full year of legalized recreational sales, tax revenue from cannabis sales this year is expected to surpassearlier estimates of $70 million.
“What we have seen over the past 22 months of recreational marijuana sales here in Colorado is a transformation in our consumer base,” says Fox. “The first year of consumer purchases was mostly based on the novelty and excitement of being able to buy legal marijuana, and now consumers walk in knowing exactly what they want by brand name and product type.”
Fox notes many of The Grass Station’s patrons are repeat customers; either Colorado residents who enjoy the store’s competitive prices and wide selection of top brands and high-quality products, or tourists looking for a friendly and knowledgeable sales staff to assist them with their purchases.
“That repeat business and targeting of products and brands speaks volumes to the change in consumer behavior here in Colorado,” he says. “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.”
Colorado’s legal cannabis industry operates under many more restrictions than the alcoholic beverage sector. But Fox believes the strength of his stores’ business shows that at least some alcohol consumers are turning away from booze in favor of cannabis.
“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.”
ABOUT THE GRASS STATION
Denver’s premier recreational dispensary first opened its doors in 2009, and over the years has maintained its widespread reputation as the source for top-quality cannabis, served up in a friendly and welcoming atmosphere.
Customers expect and get friendly and knowledgeable service from The Grass Station’s staff. Its quality-tested products not only conform to state and local regulations but are kept to the highest possible standards of purity and potency.
For more information, visit: http://www.grassstationco.com/