Denver has shown remarkable growth in Marijuana sales in the last few years. While a major part of United States has still considered marijuana illegal, the remaining states have shown a commendable growth.
Compared to 2016, dispensaries in Denver earned 20% more revenue in 2017. According to reports, nearly $587 million was earned by dispensaries in Denver. While the majority of states have decided to follow federal law with continuing to mark marijuana as illegal regardless of the use/purpose. Others have decided to change as the see what is taking place with the potential revenue.
As the industry has witnessed $44 million hikes in sales of recreational marijuana in the past year in Denver, many cities other than that have seen similar businesses as well. However, the major problem in this industry is the absence of public banking intervention. There is still, little to no banking solutions to the cannabis industry. Most of dispensary owners are operating sales with cash. According to the market experts, it will lead to black money and corruption across the nation.
Denver is using their revenue to boost the industry increase tourism. Drug education, regulations, laws, policies, and other important components are being paid using this money. Denver is the first city in America that has achieved such huge success in legal recreational marijuana sales. Debit processing solutions for cannabis companies were the first solution to be brought to the industry by Paybotic and have been proven to increase sales by 20-30% for dispensary owners.
Having said that, the huge business that Denver made it is eventually decreasing compared to other parts of the US. The contribution of Denver’s revenue in total marijuana business in the United States was 48% which was recorded as 39% last year. Colorado has shown 27% growth in marijuana sales that aggregate $1 Billion in 2017.