Colorado marijuana sales inched lower in October
(The Center Square) – Colorado’s marijuana sales inched lower in October, according to the latest monthly market data from the Department of Revenue (CDOR).
Over $176 million of marijuana was sold in Colorado in October, down from $181 million in September. The October sales total was $22 million below the state’s sales total in October 2020 as well, despite a waning pandemic.
More than $147 million of the state’s sales came from recreational marijuana, CDOR data shows.
Moreover, Colorado totaled just over $29 million in medical marijuana sales which is the lowest total the state has recorded since February 2020 when it sold $26 million.
So far this year, Colorado has sold more than $1.9 billion of both medical and recreational marijuana, putting the state on pace to top its greater-than $2 billion sales total from last year.
Colorado has sold more than $11.9 billion of marijuana since legalizing it in 2014, the data shows.
In exchange for the October sales, Colorado collected more than $32 million in taxes.
Tax revenue comes from the state’s 2.9% sales tax, a 15% retail sales tax on marijuana, and a 15% excise tax on wholesales transfers. Fee revenue comes from marijuana license and application fees.
Colorado has collected more than $392.8 million in marijuana taxes for the calendar year. Since 2014, the state has collected more than $1.9 billion.
Colorado divides its marijuana tax money between the General Assembly, local schools, and infrastructure projects. Of the total, 10% goes to local governments while 90% goes to the state government.
The state government cut is the subdivided into three apportionments. More than 70% goes to the Marijuana Cash Fund, which supports infrastructure projects and law enforcement. The remaining 30% is split between public schools and the state’s general fund.
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