Colorado marijuana sales hit $2.2 billion in highest-selling year yet
Michael McGraw, production manager, wearing protective clothing and hair and face netting, shows off the perfect leaf of a marijuana plant while he works in the flowering room at the LivWell Enlightened Health cultivation facility on Jan. 13, 2020 in Denver. Prices recently hit a 3-year high and have rebounded after a significant dip that caused many grows to close. We take a look at wholesale bud prices and what the fluctuations mean for the industry in 2020. rove carts
Cannabis industry may finally move past cash as Democrats look to loosen banking restrictions
Colorado’s cannabis industry has been forced to deal primarily in cash for years due to banking restrictions that pot advocates and banking lobbyists say put shops, growers and others at risk of theft. The industry is now cautiously optimistic this year that, with Democrats in power in Washington, its eight years of trying to lift those restrictions on banks and credit unions will pay off.
Because marijuana remains an illicit drug under federal law — and banking the proceeds of illicit drug sales is a federal crime — credit unions and banks are limited in their ability to work with cannabis companies and take risks when doing so. As a result, the large and growing marijuana industry still remains cash-only, seven years after legalization in Colorado.
“We’ve got people who are still dealing in cash; we’ve got employees still being paid in cash. It’s just totally irresponsible,” said Chuck Smith, CEO of the cannabis company BellRock Brands and board president at Colorado Leads, a coalition of cannabis companies in the state.rove carts
Colorado dispensaries sold $175 million worth of products in November alone, pushing the industry’s annual revenue to $2 billion for the first time last year.
“Most cannabis companies in Colorado are banked at this point, but that’s just a basic checking account,” said Truman Bradley, executive director of the Marijuana Industry Group, a trade association. “There’s no merchant processing, really, and that’s very difficult. I’m talking debit cards, credit cards, that kind of thing. The services that do exist leave a bit to be desired.” buy marijuana online with the best thc carts oil