Cannabis sales in Colorado could hit $1B before end of year

Colorado's Marijuana Tax Revenues Nearly Double Last Year's Figures

The legal marijuana market in Colorado continues to bring in the bucks and this year could see state-wide sales surpass $1 billion.

According to the newest data set from the Colorado Department of Revenue, Colorado's cannabis companies made $486 million during the first five months of 2016.

Sales during May 2016, the month in the report, reached $98.6 million, the fourth-highest monthly sales total since recreational sales started in January 2014, The Cannabist reports.

April 2016 set a record in Colorado with $117.4 million in sales.

In 2015, marijuana sales hit $996,184,788. Almost at the half-way mark, 2016 could be the year Colorado's two-year-old market becomes a billion-dollar market.

RELATED: Legal marijuana sales and dispensaries around the US

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Legal marijuana sales, dispensaries around the US, recreational and medical
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Legal marijuana sales, dispensaries around the US, recreational and medical
NEW YORK, NY - JANUARY 07: A man leaves Columbia Care, the first medical marijuana dispensary in New York City on January 7, 2016 in New York City. The law allowing medical marijuana was signed by Governor Andrew Cuomo in 2014; the law stipulates that the legal marijuana may not be ingested by smoking it. (Photo by Andrew Burton/Getty Images)
Corey Young, a founder of courier service CannaRabbit LLC, picks up a delivery of marijuana from a dispensary as part of a wholesale transfer in Denver, Colorado, U.S., on Friday, March 27, 2015. CannaRabbit and peers are rushing in as regional truckers and nationwide haulers United Parcel Service Inc. and FedEx Corp. steer clear of transporting marijuana on concerns over the lack of nationwide clearance of a practice that is still illegal in most states. Photographer: Matthew Staver/Bloomberg via Getty Images
WASHINGTON, DC - MARCH 8: Takoma Wellness Center is a family run medical marijuana dispensary in Washington, DC. Employee, David Malpica, sets up the dispensary room before business hours on Sunday, March 8, 2015. (Sarah L. Voisin/The Washington Post via Getty Images)
Marijuana sits on a counter after being delivered to a dispensary by the courier service CannaRabbit LLC in Louisville, Colorado, U.S., on Friday, March 27, 2015. CannaRabbit and peers are rushing in as regional truckers and nationwide haulers United Parcel Service Inc. and FedEx Corp. steer clear of transporting marijuana on concerns over the lack of nationwide clearance of a practice that is still illegal in most states. Photographer: Matthew Staver/Bloomberg via Getty Images
LOS ANGELES, CA JULY 05, 2014 --- Shoppers lined up at one of many pot vendors stall at cannabis farmers market organized by California Heritage Market at West Coast Collective, a marijuana dispensary in Boyle Heights. (Photo by Irfan Khan/Los Angeles Times via Getty Images)
Vendors and growers prepare their displays for card-carrying medical marijuana patients attending Los Angeles' first-ever cannabis farmer's market at the West Coast Collective medical marijuana dispensary, on the fourth of July, or Independence Day, in Los Angeles, California on July 4, 2014 where organizer's of the 3-day event plan to showcase high quality cannabis from growers and vendors throughout the state. AFP PHOTO/Frederic J. BROWN (Photo credit should read FREDERIC J. BROWN/AFP/Getty Images)
Containers of the medical marijuana product known as 'Wax' are displayed at Los Angeles' first-ever cannabis farmer's market at the West Coast Collective medical marijuana dispensary, on the fourth of July, or Independence Day, in Los Angeles, California on July 4, 2014 where organizer's of the 3-day event plan to showcase high quality cannabis from growers and vendors throughout the state. AFP PHOTO/Frederic J. BROWN (Photo credit should read FREDERIC J. BROWN/AFP/Getty Images)
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More on Inc.com:
Serious Business: Should The U.S. Implement Universal Family and Medical Leave?
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Cannabis Dispensaries Transform Into High-End Retail Spaces

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