The town of Denver, Colorado surpassed the half-billion mark for hashish tax income and trade charges this summer season, topping $501.5 million in August, Westword reviews. The whole consists of all cannabis-derived tax revenues tracked by Excise & Licenses since 2010, which is when medical hashish dispensaries started working within the metropolis.
From 2010 to 2013, the town collected $26.2 million from a 3.62% tax on medical hashish gross sales and enterprise licensing charges. In 2014, when adult-use dispensaries started working, the town collected $23.8 million by way of licensing charges and a 3.5% gross sales tax. In 2018, the town elevated its tax to five.5% to assist fund native inexpensive housing packages and in 2021 the town noticed its record-to-date for tax and payment collections with $72.9 million in income, the report says.
In line with an Excise & Licenses report earlier this yr, outlined by Westword, the two% enhance on hashish gross sales taxes for inexpensive housing offered practically $38.8 million from late 2018 by way of 2022, which has helped pay for Denver Division of Housing Stability’s land acquisitions, unit improvement and manufacturing, housing help, and supportive housing providers.
In 2023, native hashish tax revenues will fund $8 million in homelessness providers, in line with Excise & Licenses, and greater than $8.7 million in inexpensive housing help and practically $4.4 million in small-business investments, with greater than $10 million for youth intervention, authorized hashish trade enforcement, regulator efforts, and public security campaigns.
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