Colorado: Over a Quarter Billion Dollars in Legal Cannabis Sold in First 3 Months of 2016
There was over $270 million in legal cannabis sold in Colorado in the first three months of the year, according to the state’s Department of Revenue. At this rate, there will be roughly $1.1 billion sold throughout 2016, an $100 million increase from 2015, and a $400 million increase from 2014.
In March, the most recent month where sales data is available, there was $55 million in recreational cannabis sold, and $33 million in medical cannabis sold. This marks a 30% increase from March of last year.
The $270 million in sales has resulted in over $35 million in taxes for the state, with nearly $10 million going directly to school funding.
In Colorado, it’s legal for those 21 and older to possess up to an ounce of cannabis, and purchase it from a licensed retail outlet. The state has three types of 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.