In March, legal marijuana sales in Colorado topped $125 million for the first time since September.
According to the Colorado Department of Revenue, there was $126,630,910 worth of marijuana and marijuana products sold through legal means in March. This is a considerable increase over the $114 million sold in February and the $115 million sold in January. However, it’s a noticeable decrease from the $139 million sold in March 2023.
The over $125 million in marijuana sales resulted in $20,879,900 in tax revenue for the state.
The vast majority of marijuana sales in Colorado, totaling $111.5 million, were for recreational use, while medical marijuana patients accounted for approximately $15.1 million in purchases.
The year-to-date total for marijuana sales in Colorado is now $356,421,546, with the total since the start of legal sales over a decade ago now standing at $15,862,223,563.
Colorado legalized recreational marijuana in 2012, tying Washington as the first to do so. The law allows those who are at least 21 years old to legally possess and cultivate marijuana for personal use. Licensed marijuana retail outlets opened in 2014. Under the law retail marijuana is subject to a 15% sales tax levied on retail sales, and a 15% excise tax levied on the first transfer of marijuana from a wholesaler to a processor or retailer. This is in addition to the state’s 2.9% states sales tax, and a local tax of up to 2.9%. Medical marijuana is exempt from the 15% sales tax and 15% excise tax, but not the 2.9% statewide sales tax.
Last week the Colorado Legislature overwhelmingly approved a bill designed to “address efficiency in the regulation of existing marijuana licensees.” For a breakdown of the proposed changes, click here.
According to a statewide survey of registered Colorado voters conducted by the Public Policy Polling, 71% of voters believe marijuana should be legal for adults, similar to alcohol, and fewer than one in four (23%) think it should be illegal. Support for legalization is 16% higher than it was when it was passed by voters in 2012.
