Colorado retailers have offered greater than $15 billion price of authorized marijuana merchandise because the state’s first adult-use retailers opened in 2014—and that has generated greater than $2.5 billion in hashish tax income to help public packages and companies—state officers have introduced.
As of August, Colorado has seen $15,028,995,376 in whole authorized hashish gross sales. In 2023 alone to this point, marijuana gross sales have amounted to $1,052,517,913.
The tax income from the final 9 years of legalization stands at $2,554,160,551 as of September, the Colorado Division of Income (CDOR) stated in a press launch on Wednesday.
Colorado was the primary state to launch leisure marijuana gross sales following voters’ approval of a legalization initiative on the poll in 2012. Annual gross sales peaked in 2021, after they reached about $2.2 billion, however they’ve since declined and largely leveled out up to now two years.
By way of CDOR.
An evaluation from the state’s nonpartisan Legislative Council Workers (LCS) that was launched in August additionally confirmed that Colorado generated extra tax income from marijuana than alcohol or cigarettes over the past fiscal 12 months, with $280 million in hashish tax {dollars} going towards quite a lot of authorities packages and companies like Ok–12 schooling and well being care.
The U.S. Census Bureau has began preserving tabs on state hashish gross sales and tax income knowledge, even because the plant continues to be federally prohibited. And a brand new Census report exhibits that Colorado is one in all 5 states which have persistently seen hashish income make up at the very least one p.c of all state revenue over the previous two years.
In Colorado, these marijuana tax {dollars} are funding quite a lot of companies, together with substance misuse therapy, early childhood literacy, youth mentorship and bullying prevention, legislation enforcement coaching, reasonably priced housing, analysis and illicit market interdiction.
By way of CDOR.
As CDOR explained within the new press launch, the tax income comes from a number of sources: the state’s 2.9 p.c gross sales tax on hashish, a 15 p.c tax on retail marijuana merchandise offered in shops and a 15 p.c retail excise tax utilized to wholesale gross sales and transfers, in addition to payment income from hashish enterprise license and software charges.
Colorado Gov. Jared Polis (D) has been a longstanding champion of legalization, and he’s labored to construct on the present business whereas additionally pushing for federal reform.
He lately applauded President Joe Biden after his administration’s prime well being company beneficial rescheduling marijuana—however he says the preliminary transfer should be adopted with extra motion to handle hashish banking, immigration, felony justice reform and federal enforcement issues.
Whereas marijuana gross sales in Colorado have dipped lately, different extra new state markets have extensively seen record-breaking gross sales numbers this 12 months.
In Illinois, for instance, officers lately touted the business’s “unprecedented progress” in fiscal 12 months 2023, with regulated shops promoting greater than $1.5 billion in marijuana merchandise. In September, shops within the state offered extra particular person hashish merchandise than throughout any prior month.
Connecticut, in the meantime, tallied greater than $25 million in whole gross sales in September, besting a document set the earlier month.
Licensed retailers in Maryland, offered a document quantity of adult-use hashish merchandise in September though medical marijuana gross sales fell.
In New Mexico, month-to-month gross sales in September narrowly missed a month-to-month gross sales document set in August because the state crossed the half-billion-dollar mark in whole adult-use gross sales.
August was additionally a record-setting month in Rhode Island, which offered its highest quantity of hashish for the fourth consecutive month, notching $9.7 in month-to-month receipts.
Purchases of adult-use hashish in August additionally broke a document ($23.7 million) in Montana, state officers reported, though medical marijuana gross sales have been at their lowest ($5.0 million) since leisure markets opened early final 12 months.
In Maine, too, marijuana gross sales reached a document excessive in August, with almost $22 million price of purchases, in accordance with latest knowledge from the state Workplace of Hashish Coverage (OCP).
Early final month, Massachusetts officers reported that retailers have now offered greater than $5 billion in adult-use marijuana because the state’s leisure market launched 5 years in the past. Gross sales reached $139.3 million in August alone, with the year-to-date whole at $1.05 billion inside the first eight months of 2023.
Michigan marijuana gross sales additionally reached one other document excessive in July, with almost $277 million price of hashish offered.
In Missouri, in the meantime, retailers have been promoting about $4 million price of marijuana per day on common because the state’s adult-use market opened up in February—and the state noticed a document $121.2 million in hashish purchases in June.
Again in Colorado, the governor has additionally known as on lawmakers to take steps to permit him to difficulty mass pardons for individuals with prior psychedelics convictions after he signed laws to implement rules for substances like psilocybin and ayahuasca in Could.
Polis additionally signed a invoice into legislation in June that permits on-line marijuana gross sales. That reform went into impact in August.
He’s additional accredited laws that can bolster marijuana-related protections for working professionals within the state—successfully codifying an govt order he issued final 12 months.
Photograph courtesy of WeedPornDaily.