Colorado saw over $120 million in legal marijuana sales for the second consecutive month.
According to data from the Colorado Department of Revenue, licensed retail outlets and dispensaries sold $122,481,187 worth of marijuana in August, closely matching the $122,550,314 sold in July. However, this is a decline from the $132 million recorded in August of last year.
Of the total sales in August, approximately $109 million was for recreational use, while medical marijuana sales totaled around $13.5 million.
The year-to-date total for marijuana sales in Colorado is now $948,564,350, with the total since the start of legal sales over a decade ago now standing at $16,454,366,366. These sales have resulted in nearly $3 billion in tax revenue.
Colorado legalized recreational marijuana in 2012, tying with Washington as the first state 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% state 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.
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.
