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.
Explore the charm of Fraser and Winter Park, Colorado, offering scenic beauty and thrilling outdoor activities.
Explore the benefits and uses of cannabis for seniors in this insightful guide.
Explore Silver Stem's curated cannabis collection, crafted for your perfect sativa, indica, or hybrid journey.
Compare the benefits and drawbacks of vaping and smoking cannabis to find your best fit.
Discover how cannabis affects pets, from the risks of THC to the potential benefits of CBD.
Portland, Oregon is a must-visit in the fall season.
Explore the evolving landscape of cannabis legalization and prohibition in the United States.
Cannabis has a rich and complex history that spans thousands of years and multiple continents.
Munchies and appetite stimulating effects of cannabis