Cannabis Brings in Record $300 Million in Taxes for Colorado in 2019
Last year saw the largest cannabis sales in Colorado since the state’s voters legalized recreational marijuana.
Medical and recreational cannabis sales hit a record $1.75 billion in 2019, up 13% from 2018, according to data from the Department of Revenue’s Marijuana Enforcement Division. Marijuana tax collections also hit an all-time high, at more than $302 million in 2019.
December closed out the year with strong sales totaling more than $144 million, up 6.7% compared to the previous year. But that wasn’t the biggest month of 2019; instead, August topped the calendar year with $173 million in sales.
All told, Colorado marijuana sales now have hit $7.79 billion since recreational sales began in 2014.
Truman Bradley, the newly appointed executive director of the Marijuana Industry Group, said the revenue increases in Colorado track with expectations, The Denver Post reports.
“People are moving from the unregulated market to the regulated market,” Bradley said. “As reefer madness goes away, as the stigmatism of cannabis reduces and people come over to the regulated market, I would expect that trend to continue.”
Since January 2014, Colorado’s cannabis industry has generated $1.21 billion in tax revenue.
Those taxes are allocated to the state’s public education fund, which covers initiatives such as the Colorado Department of Education’s Building Excellent Schools Today (BEST) fund; the state general fund, which covers agencies’ expenses; and the marijuana tax fund, which benefits programs related to substances abuse and treatment, health research, youth education and more. Tax revenues also benefit local governments.
Inside CannaMart, a Greenwood Village "wellness counseling" center that connects medical- marijuana patients with the medicine they seek
Earlier today, we told you about a lawsuit aimed at Centennial for closing CannaMart, a medical marijuana dispensary, in mid-October.
A medical marijuana dispensary that had already filed a lawsuit against Centennial is now suing the City of Littleton for denying it a license to operate.
Earlier today, we told you about a lawsuit aimed at Centennial for closing CannaMart, a medical-marijuana dispensary, in mid-October.
Arapahoe County District Judge Christopher Cross ruled Wednesday that the city of Centennial could not use federal law as a justification
Despite a preliminary court victory last December, CannaMart, Centennial’s now-closed medical-marijuana dispensary, will not be allowed to reopen in the city anytime soon.
Thieves target a medical marijuana dispensary in what police believe was supposed to be a quick smash and grab.
Yet, in October, the city of Centennial decided to close down his East Arapahoe Road office down.
CannaMart’s three-year battle with the city appears to be nearing an end, thanks to an open slot in the four-dispensary limit.
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