(The Center Square) – Colorado’s total marijuana sales exceeded $ 2 billion in 2020, the highest amount since legalization, the state Treasury Department (CDOR) said Tuesday.
The state pharmacies grossed $ 175,145,246 in November, up 17% from 2019. In return, the state earned $ 32,383,094 in income from taxes and fees.
Colorado’s sales In 2019 it was $ 1.7 billion and in 2018 it was $ 1.5 billion. The state brought in taxes and fees of $ 387,480,110 in 2020.
Then the state began to collect tax revenues Marijuana Sales In February 2014, Colorado introduced taxes of nearly $ 1.6 billion on total sales of nearly $ 9.8 billion.
Colorado imposes a 2.9% sales tax on both medical and recreational marijuana sales and a 15% excise tax on retail marijuana.
State law mandates that marijuana tax revenues must be allocated to local governments and state tax funds for education, transportation, and marijuana cash based on the tax source from which they come.
Sixty percent of total revenue comes from the 15% state excise tax, and 90% of that subtotal is reserved for the general fund, while local governments receive the remaining 10%.
In December, the general fund kept $ 19,043,188 while local governments received $ 2,115,909, according to CDOR data.
While the total turnover goes over the roof, the turnover continues to decrease in a monthly comparison. November was the fourth month in a row with declining sales. Retail marijuana sales were hardest hit, while medical marijuana sales have remained relatively stable, according to CDOR data.
Denver County saw the largest drop in sales overall. In the county, recreational sales declined $ 15 million and medical sales declined $ 5 million.