We know that Colorado raked in tons of money in cannabis revenue in 2017, but new numbers released by the Colorado Department of Revenue show that Denver accounted for a sizable chunk of that number. The Mile High City accounted for over a third of the state’s total cannabis revenue, totaling $577.5 million, according to Westword.
Previous numbers released by the DOR in February reported that the state made $1.5 million in cannabis sales last year. When added to the total revenue since legal recreational cannabis sales began in 2014, that amounts to nearly $4.5 billion in sales. Data including sales from the entire state show that overall dispensary sales rose in December for the first time since August 2017. That’s a 7 percent increase in revenue from November (119.56 million) to December ($128.27 million). Numbers from recreational marijuana sales in December 2017 accounted for approximately $96.34 million. Medical sales amounted to $31.92 million.
The data shows a trend for seasonal sales differences. Cannabis sales spike during the warm summer months and decline beginning in September. In August of last year, Denver dispensaries brought in over $53.6 million, with recreational pot accounting for $35 million. February is the slowest month for cannabis sales in Denver, with just over $29.5 million in sales in 2017.
The numbers released by the DOR in March show that Denver dominates marijuana sales in Colorado with more dispensaries than any other Colorado city. Denver has nearly 1,150 active cannabis business licenses within city limits, 364 of which are for dispensaries. The number of dispensaries in Denver is triple that of those found in Colorado Springs, the state’s runner-up in the number of shops selling legal cannabis.
Only 25 of 64 Colorado counties currently allow recreational marijuana sales. Arapahoe and Douglas counties prohibit retail cannabis sales; however, Aurora, which is part of both counties, does allow recreational sales. Adams and El Paso counties either limit or outright ban retail marijuana.
While the end of marijuana prohibition is spreading across the U.S., there are still some states that are reluctant to enter into the brave new world of cannabis. But data compiled by Marijuana Business Daily shows even in states with restrictive cannabis laws, there are still signs of progress–especially when it comes to CBD.
- In Virginia, Gov. Ralph Northam (D) dropped the list of qualifying conditions for low-THC cannabis, instead allowing physicians to recommend cannabis for any ailment. Before Northam signed the legislation, medical practitioners were only allowed to prescribe cannabis for the treatment or to alleviate the symptoms of intractable epilepsy.
- A bill that would regulate the distribution and sale of CBD oil was approved unanimously in the Utah Senate and passed in the state House on a 49-20 vote. The House sponsor of the bill, Brad Daw (R), said, “This bill solves an immediate problem where we have a lot of fake product on the shelves right now. I think this bill fulfills our duty to protect consumers, and make sure what they are buying is what they think they are buying.”
- Gov. Eric Holcomb (R) is expected to sign a bill that would legalize CBD oil in Indiana. When the bill is signed into law, it will expand CBD access from patients with epilepsy to all adults. While cannabis advocates say the bill is a win for cannabis, many of them are frustrated that the bill requires burdensome labeling that they say will prevent manufacturers to sell their products in the state.
- In Iowa, seven companies have applied to sell low-THC medical cannabis at 21 separate locations. The state is expected to approve licenses for five locations next month. Iowa’s medical marijuana program is in its infancy, and existing rules prohibit marijuana products from being smoked or eaten, and THC potency is limited to 3%.
While access to CBD and cannabis is still quite limited in a number of states, there is movement and incremental change.
Despite ending marijuana prohibition five years ago, less than 1 percent of licensed cannabis businesses in Colorado are minority-owned, according to the Minority Cannabis Business Association (MCBA). Hoping to change that statistic, the MCBA has partnered with the Hoban Law Group to organize the first annual Cannabis Opportunity Summit. The three-day event will take place March 22-24 in Denver.
Kayvan Khalatbari, Denver mayoral candidate and MCBA board member, said in a press release, “This event recognizes the consequences of the War on Drugs, and outlines best practices to move burgeoning entrepreneurs and businesses forward as we work together to mold the nascent cannabis industry into a better and more equitable industry, not just another industry.”
Event organizers say the summit aims to provide resources, information, and connections to cannabis businesses. The Cannabis Opportunity Summit will include speaker sessions and interactive workshops covering a wide range of topics, including market and opportunity analysis, operational differentiators, community reinvestment, cultural integration, advocacy and lobby training.
It will also feature the launch of MCBA’s expungement and record-sealing clinics in Colorado, which will aim to remove or seal non- violent drug offenses from the permanent records of people looking to gain fairness in employment, housing, and more.
The keynote speaker will be former Denver Broncos and two-time Superbowl champion Terrell Davis.
“As an entrepreneur myself, I am well aware of the struggles that people of color face in the business sector,” Davis said. “And as a professional football player, I’ve seen first-hand how teamwork and collaboration benefit from adopting inclusive hiring practices and policies.”
The MCBA was founded in 2015 as a nonprofit organization. The group has members in Colorado and across the country. The MCBA aims to bring together minority cannabis entrepreneurs, workers, patients and consumers and to increase diversity within the cannabis industry.
The summit will take place and the Daniels School of Business in Denver, and tickets to the event cost between $25 and $119.
Ever wonder why the high produced from smoking versus ingesting cannabis feels different? Look no further than cannabinoid 11-OH-THC.
Most people familiar with marijuana know about the rockstars of the cannabinoid world–THC and CBD–but there are more than 100 other cannabinoids produced by marijuana, including 11-OH-THC. And while THC is known for its psychoactive effects, there’s evidence that 11-OH-THC is more potent than THC.
What does that have to do with smoking versus eating cannabis? That requires a bit of background on cannabinoids and how they’re formed.
Most cannabinoids aren’t actually present in the cannabis plant, but are the result of chemical interactions between our bodies and cannabis. And the way we consume marijuana affects the type and concentration of cannabinoids produced.
When we smoke cannabis, it’s metabolized through the lungs and the absorbed cannabinoids are distributed throughout the body. Smoking cannabis results in only a very small amount of cannabinoids metabolized by the digestive system.
Ingesting cannabis, on the other hand, metabolizes cannabis through the digestive system. The liver breaks down THC molecules, converting them into other molecules to be eliminated from the body. One of the metabolites created during this process is 11-OH-THC. When THC is converted to 11-OH-THC, it becomes more potent.
According to the Prof of Pot:
“The levels of 11-OH-THC in your blood after smoking cannabis are only about 5% of THC levels. This is probably not enough to feel any effects from the 11-OH-THC.
However, after taking cannabis orally, the average levels of 11-OH-THC vary from 25% of THC to more than 300% of THC levels…so some people will have well over 3 times more 11-OH-THC in their body than THC after ingesting cannabis!”
The different levels of THC and 11-OH-THC are probably responsible for the different qualities of high produced from smoking or ingesting marijuana.
Citing a study that compared the potency of THC vs. 11-OH-THC, the Prof of Pot explains, “With this molecule )11-OH-THC), subjects reached nearly an 8 out of 10 on the highness scale, vs. only about a 3 out of 10 for THC.”
Cannabis is credited with a whole host of therapeutic benefits and is effective at treating numerous medical conditions. But, it’s still early days when it comes to testing and researching marijuana, making the benefits of cannabis anecdotal evidence.
Scientists around the country are researching cannabis, hoping to expand our knowledge of the plant. Last month, two Colorado companies announced that they had mapped the cannabis genome. Sunrise Genetics, based in Fort Collins and Boulder-based CBDRx/Functional Remedies teamed up to map cannabis’ 10 chromosomes. Functional Remedies provided cannabis plants for Sunrise Genetics to study.
Understanding the genetic makeup of cannabis will make targeting specific desired effects, like making a consumer feel focused or relaxed, as well as treating specific symptoms, like muscle spasms or insomnia. Much of the current research around cannabis is focused on its medical uses, but there’s also increased focus on the uses of industrial hemp.
CJ Schwartz, chief executive officer of Sunrise Genetics, told Bloomberg, “DNA, of course I’m biased because it’s what I do, but it doesn’t lie. It really is a way to just sort of clear a lot of the b.s. The excessive claims are really doing a disservice to the plant or the potential of the plant and the science surrounding that.”
Matt Gibbs, president of Sunrise Genetics, told Biz West, “In this emerging industry, we all play a role in its success, and finding innovative and forward-thinking partners right here in Colorado has made the benefits of a joint effort to advance the science that benefits the hemp industry that much greater. Together, we look forward to continued expansion upon the map, expansion upon research opportunities,” he said, “and continuing to make better hemp and cannabis genetics.”
The full cannabis genome was presented at the Plant and Animal Genome Conference in San Diego in January.
