Once again setting a record, there was $56.4 million in legal recreational cannabis sold in Colorado in July, surpassing the $50.1 million made in June, which was a record at the time. This is according to data released by the state’s Department of Revenue.
In addition to the $56.4 million in recreational cannabis sold, there was $39.8 million in medical cannabis sold, bringing the total amount of legal cannabis sold in July to over $96 million.
Up to this point in 2015, there has been over $300 million in legal recreational cannabis sold, and over $225 million in medical cannabis sold, bringing the total to over half a billion dollars (the exact total is $538,442,321). This has resulted in roughly $73 million in taxes for the state.
In Colorado, there are three types of state taxes placed on recreational cannabis, including a standard 2.9 percent sales tax, a 10 percent special cannabis sales tax and a 15 percent excise tax on wholesale cannabis transfers. On September 16th, cannabis will be sold tax-free as part of a one day tax-holiday.