«

»

Colorado: Over $100 Million in Legal Cannabis Sold in August, Over $13 Million in Taxes Garnered

state-flag-coloradoFor the first time, there was over $100 million in legal cannabis sold in just one month in Colorado, with $100.6 million sold in August.

In August, there was $59.2 million in recreational cannabis sold, and $41.4 million in medical cannabis sold, according to numbers released by the Colorado Department of Revenue.

These sales resulted in the state garnering over $13 million in taxes and fees; $11.2 million from recreational cannabis and $2 million from medical cannabis.

In Colorado, the possession of up to an ounce of cannabis is legal for those 21 and older, with cannabis retail outlets authorized to distribute the plant. The state has three types of state taxes on recreational cannabis; a standard 2.9% sales tax, a 10% special cannabis sales tax, and a 15% excise tax on wholesale cannabis transfers.

The 15% excise tax is earmarked for school construction; $3.3 million was brought in from this tax in August.

TheJointBlog

HSF_650x100 output_jo7dRo vp rhino650x80

About Anthony Martinelli

Anthony, co-founder and Editor-in-Chief of TheJointBlog, has worked closely with numerous elected officials who support cannabis law reform, including as the former Campaign Manager for Washington State Representative Dave Upthegrove. He has also been published by multiple media outlets, including the Seattle Times. He can be reached at TheJointBlog@TheJointBlog.com.

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>