Colorado: $1 Billion in Legal Marijuana Sold in First 8 Months of 2017

From January 1st of this year to the end of August, there was over $1 billion worth of legal marijuana and marijuana products sold in Colorado.

Colorado marijuana sales have surpassed the $1 billion mark in just eight months this year. In 2016, it took 10 months to reach the same mark. According to The Cannabist, year-to-date sales are up 21% this year compared to the first eight months of 2016, when sales totaled $846 million.

The over $1 billion in legal marijuana sales for 2017 have resulted in over $162 million in taxes for the state. This is garnered from a 15% excise tax on marijuana sales, which was raised in July from 10% (though at the same time marijuana sales were exempted from the states standard 2.95 sales tax).

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Cannabis Being Sold Today Tax Free in Colorado

coloradoLegal cannabis is being sold tax free today throughout Colorado as part of a one day “tax holiday”.

As part of the tax holiday, all state taxes on cannabis sales are made void today, September 16th, bringing the average price of an ounce down by $20 – $50.

The tax holiday was signed into law in June by Governor John Hickenlooper, mandated by the state’s Taxpayer’s Bill of Rights (TBoR) which requires voter approval for all new taxes, and requires that any new taxes be waived and refunded if overall state collections exceed projections given to voters when they approve a new tax, as it did this year.

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Historic: State Generates More Annual Tax Revenue From Marijuana Than From Alcohol

cannabismoneyFor the first time in history, a state has generated more annual tax revenue from cannabis than from alcohol.

Between the period of July 1st, 2014 to June 30th, 2015, Colorado collected nearly $70 million ($69,898,059) in taxes from cannabis, and just under $42 million ($41,837,647) in taxes from alcohol. This is according to data released by the state’s Department of Revenue.

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Colorado: Cannabis to be Sold Tax Free Tomorrow, September 16th

theweedstreetjournal.com

theweedstreetjournal.comTomorrow, September 16th, legal cannabis in Colorado will be sold free of any state tax, as part of a one day “tax holiday”.

The tax holiday – which is due to the state’s Taxpayer’s Bill of Rights (TBoR) – was signed into law in June by Governor John Hickenlooper.

Under TBoR, voter approval is required for all new taxes, and there’s a mandate that any new taxes be waived and refunded if overall state collections exceed projections given to voters when they approve a new tax, as it did this year.

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$700 Million in Legal Cannabis Sold in Colorado in 2014

There was roughlycolorado $700 million in legal cannabis and cannabis products sold in Colorado in 2014, according to figures released by the state’s Department of Revenue. This has resulted in $76 million worth of taxes.

Of the $700 million sold, $386 million was for medical cannabis and $313 million was for recreational cannabis. This resulted in $76 million in taxes being brought in for the state; $44 million from recreational cannabis, and $32 million from medical cannabis.

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Colorado Garnered $76 Million in Taxes from Legal Cannabis Sales in 2014

Colorado garnered roughly $76 million in taxes from legal cannabis sales in 2014, according to figures released Tuesday by the state’s Department of Revenue.moneycannabis

In total, $44 million in taxes was brought in from recreational cannabis sales, with the additional $32 million coming from industry fees and sales of medical cannabis.

In Colorado, the possession, cultivation and state-licensed distribution of recreational cannabis is legal for those 21 and older. Sales of recreational cannabis began on January 1st.

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Colorado: $64 Million in Legal Cannabis Sold in September

There was $31.6 millioncolo in legal recreational cannabis sold in the State of Colorado in September, according to new numbers released by the state’s Department of Revenue. In the same month, medical cannabis sales reached $32.4 million.

In total, the state brought in over $7 million in taxes from cannabis sales in September, bringing the total for the year to over $50 million.

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