Colorado cannabis sales reach $1 billion in 8 months
Cannabis sales in Colorado have skyrocketed, and it happened very quickly. In 2017, it took just 8 months to reach the $1 billion milestone, compared to 10 months in 2016.
Cannabis retailers reported $1.02 billion in revenue from recreational and medical cannabis sales in August (year-to-date), representing a 21% increase compared to the previous year, when revenue stood at $845.6 million during the same period.
Annual taxes collected on cannabis sales are therefore expected to exceed $162 million, which the state will allocate, in particular, to school programs, like Oregon.
In August alone, sales of cannabis, concentrates, “space food,” and accessories for consuming these products totaled nearly $137 million, with more than $100 million coming from the recreational market.
Colorado recently changed its cannabis tax system. Taxes on recreational cannabis rose from 10 to 15% in July, but sales are exempt from Colorado’s standard tax of 2.9%. Medical cannabis, however, is still subject to this 2.9% tax.
Market growth in Colorado is expected to level off in the coming years due to the market's maturation and the Legalization of cannabis in other U.S. states.
In previous years, sales had reached 699 million in 2014, 996 million in 2015, and 1.3 billion in 2016.
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