Marijuana sales in Colorado topped $1 billion in 2015, according to a new report from cannabis investment firm the ArcView Group.

Estimates put the figure at $1.005 billion, up nearly 45 percent from about $700 million last year. Growth was primarily driven by recreational sales, which topped $600 million. Medicinal sales in the state came in just above $400 million.

Industry insiders had long predicted revenue would cross the $1 billion mark, though a sluggish end to the year was unanticipated.

“(The fourth quarter) did not continue the momentum of (the third quarter),” said Roy Bingham, founder and CEO of BDS Analytics, and industry data analysis firm in Boulder. “In fact, Q4 came in well below Q3, suggesting among other things that this is a more seasonal market than might have been expected.”

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