Colorado Cannabis Sales Exceeded $2B in 2020 Bringing in $32M in Taxes
Marijuana sales in Colorado in November pushed the industry’s annual revenue over $2 billion.
This is another record set since cannabis was legalized for recreational use by a 2012 ballot measure.
Recreational and medical sales for marijuana accounted for about $175 million of revenue in November, according to data released Tuesday by the state Department of Revenue.
While the month’s revenue was down about 12% compared to October, the numbers were sufficient to help the state surpass the $2 billion annual revenue threshold.
The state collected about $32 million in taxes and fees from marijuana sales in November, The Denver Post reports.
The 2020 uptick in marijuana revenue coincides with political momentum that saw voters in South Dakota, Mississippi, New Jersey, Arizona and Montana legalize some form of use in the November election.
Roy Bingham, co-founder and executive chairman of the data firm BDSA, previously told the Post that the national marijuana market grew more than 45% to $18 billion in 2020, which outpaced projections by about $2 billion.
Colorado is considered the most cannabis friendly state.
With New Mexico, New York and Virginia legalizing marijuana in recent days, one might think the cannabis reform movement has already achieved its high water mark for 2021.
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