Colorado: $50.1 Million in Legal Recreational Cannabis Sold in June, a New Record

COSealColorThere was $50.1 million in legal recreational cannabis sold in June in Colorado, an over $7.5 million increase from May, and a record for the state, according to the state’s Department of Revenue.

In addition to $50.1 million in recreational cannabis sales, there was $35.2 million in medical cannabis sold, a high for the year. In total, recreational cannabis sales brought in $9 million in taxes and fees for the state, with an additional $1.85 million coming from medical cannabis taxes and fees.

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Pierce County, WA Council Committee Votes to Repeal Ban on Recreational Cannabis Outlets

Medical marijuana is shown in a jar at The Joint Cooperative in SeattleThe Pierce County Council’s Community Development Committee has passed a proposal, sponsored by three of the council’s seven members, which would repeal the county’s ban on recreational cannabis sales.

The proposal, which is expected to be voted on by the full council in August, would repeal a law passed by councilors in 2013 which explicitly banned all recreational cannabis outlets, which were legalized by voters the year prior.

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Over $1.2 Million in Recreational Cannabis Sold Each Day in Washington State

marijuanamoneyThere’s over $1 million in recreational cannabis sold each day in Washington State among the 142 outlets that are reporting sales figures, according to the Liquor Control Board (LCB).

According to the LCB (which will be renamed the Liquor and Cannabis Board on July 24th), there are 161 licensed recreational cannabis outlets throughout Washington State, with 142 reporting sales. On average, there is $1,243,926 in recreational cannabis sold each day, which results in roughly $311,000 in daily tax revenue. In total, there has been $205,917,611 in cannabis sold since legal sales began July 1st of 2014. This has resulted in $51,479,403 in taxes for the state.

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Washington State Senate Votes to Eliminate Excise Taxes on Recreational Cannabis Sales

With a 26 to 22 vote, marijuana-money-live-trading-newsWashington’s full Senate has given approval to Senate Bill 6062, a proposal to eliminate several excise taxes on recreational cannabis sales.

Under Washington’s current recreational cannabis tax structure, cannabis is taxed 25% at three different levels, when producers sell to processors, when processors sell to retailers, and when retailers sell to end consumers. This tax structure has led to prices on recreational cannabis to be considerably higher than that of Colorado, where cannabis is taxed just once.

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Colorado Earned $3.5 Million from Recreational Cannabis Taxes and Fees in January

New data released by the State of Coloradocannabismoney shows that over $3.5 million in tax revenue and licensing fees were garnered from recreational cannabis sales in January alone, the first month such sales were legal. This is the first official data released regarding legal cannabis sales in Colorado.

“The first month of sales for recreational marijuana fell in line with expectations,” says Barbara Brohl, Executive Director for the Department of Revenue. “We expect clear revenue patterns will emerge by April and plan to incorporate this data into future forecasts.”

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America’s First Legal Recreational Cannabis Sales Since Prohibition Begin Today In Colorado

The first legal recreational cannabis sales in the United States since before the start of prohibition will occur today, with dozens of retail outlets in Colorado planning to begin sales to anyone 21 and older.cannabis

As of today, January 1st, the portion of Amendment 64 which allows for recreational retail outlets to distribute cannabis takes effect, with dozens of outlets – most of which are in Denver – having already received their official business licenses. In total, 348 businesses have been approved to sell, cultivate or manufacture recreational cannabis or cannabis products in Colorado. Most of these locations are expected to be open by the summer.

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In Less Than 2 Weeks Legal Recreational Cannabis Sales Will Begin in Colorado

Beginning January 1st in Colorado, recreational cannabis sales will become legal for those licensed with the state, with anyone 21 and older able to purchase itplant. Although many of those who plan to sale recreational cannabis won’t be ready come the new year, dozens of locations will be, and Colorado will take the historic step of launching their new cannabis market.

Read moreIn Less Than 2 Weeks Legal Recreational Cannabis Sales Will Begin in Colorado