A new state analysis in Colorado finds that tourists are buying up to 90% of the recreational pot sold in some Colorado ski towns. The sales are pouring tens of millions of dollars into the economy, far more than first predicted.
“The potential demand for marijuana by out-of-state visitors could represent a significant portion of total retail demand. While many Colorado residents have medical marijuana cards allowing them to purchase at a lower tax rate and at a greater number of locations, out-of-state visitors must purchase from retail marijuana vendors exclusively,” the study said. “Preliminary revenue and sales data from the Department of Revenue indicate that for some counties about 90 percent of all retail sales are likely to be from out-of-state visitors.”
Colorado is projected to sell more than 130 million grams of pot this year. The analysis find that 22% of users are forecasted to consume about 70% of the pot sold.
According to the study, a significant amount of marijuana in Colorado is being sold as either pot-infused foods or hash oil.
“This analysis suggests that the Colorado marijuana market is larger than previously thought,” the study says. “When combined, total resident and visitor demand is estimated to be approximately … 130.3 metric tons in 2014. This is a substantially higher value than reported in previous estimates.”
Colorado has collected $34.8 million in marijuana taxes and fees this fiscal year.