Colorado: Nearly $1.1 Billion in Legal Cannabis Sold in First 10 Months of 2016
Over $1 billion of legal cannabis has been sold in Colorado in the first 10 months of this year. This is according to data released by the state.
From January 1st to October 31st of this year there was a total of $1,092,159,291 in cannabis sold at licensed retail outlets. $720,731,127 of this came from recreational cannabis sales, while $371,428,164 came from medical cannabis sales. By comparison, there was $1.15 billion in legal cannabis sold in Washington State during the same period.
The nearly $1.1 billion sold in Colorado has netted the state roughly $300 million in taxes. This comes from three different statewide cannabis taxes; a 2.9% sales tax, a 10% special tax and a 15% excise tax on wholesale transfers (which goes directly towards school construction and funding).
Total sales and tax revenue for Colorado in November and December won’t be available until January and February. However, current estimates put the total for the year to be over $1.3 billion sold.
The amount of cannabis sold through October in Colorado already marks an increase over 2015’s total sales; last year there was $996,184,788 in cannabis sold. $587,834,219 came from recreational cannabis sales, with $408,350,569 coming from the sale of medical cannabis.
In Colorado the possession and use of up to an ounce of cannabis is legal. The personal cultivation of up to six cannabis plants is also legal; as are licensed cannabis retail outlets. This is all due to the voter passage of Amendment 64 in 2012.