The numbers are in, and they just keep getting better. Retailers in Colorado sold about $76.4 million in recreational cannabis this April. Sales of medicinal marijuana in the state came in right around $41 million, putting the total at $117.4 million for one month. Not only do these figures represent the undeniable facts about one of America’s fastest growing industries, they set a new all time record for total legal monthly sales in Colorado. This number smashes the old record, which was $62.2 million for December 2015.
Recreational cannabis sales are up over 80 percent since spring of last year. Colorado retailers and cannabis related businesses pulled in $42.2 million in April 2015, according to data from the state Department of Revenue.
The recreational cannabis market in Colorado has earned $246,778,661 through April 2016, while medicinal sales totaled $140,758,977. The way things are headed so far this year, the recreational cannabis market could pass $700 million for 2016, topping 2015’s figure of $588 million. Medicinal sales are also up from last year, and are estimated to be around $422 million total.
In 2015, total legal cannabis sales in Colorado fell just short of a billion at $996,184,788. The state of Colorado raked in more than $135 million in cannabis taxes and fees in 2015. So far this year, Colorado cannabis tax totals are already close to $57 million.
Legal cannabis sales are taxed the standard state sales tax rate of 2.9 percent. On top of that, cannabis buyers are taxed an additional 10 percent “special” sales tax. There is also even a 15 percent sales tax excise tax on wholesale transfers. This means many legal cannabis transactions are being taxed at close to 30 percent. The tax rates don’t appear to be deterring any cannabis connoisseurs from making their marijuana mecca to the state to partake legally.
As you already know, more legal cannabis sales means more taxes paid to the Colorado state government and local areas. At this rate, every passing month could be a better one for the ever-growing legal marijuana industry in Colorado. With so many state and local budgets failing across the U.S., allowing a more free and open legal marijuana market could help some serious economic issues. With ski season starting up again in about five months, Colorado alone could see $200-250 million in one month – or even more – when the time comes. Take notes, other states. Although I find it hard to believe you haven’t already.