Record cannabis sales in Colorado in 2020: over 2 billion $

Total sales of cannabis In Colorado, revenue exceeded 2 billion $ (1.65 billion €) in 2020, the highest amount since cannabis was legalized in the state following a 2012 referendum.

State-run clinics have harvested 175 million in Q4 compared to Q3 in November, an increase of 171 from Q3 compared to 2019. In return, the government collected 32.3 million $ in taxes.

Sales in Colorado totaled 1.7 billion $ in 2019 and 1.5 billion $ in 2018. The state collected just over 387 million $ in taxes and fees in 2020.

Since the state began collecting tax revenue from cannabis sales in February 2014, Colorado has collected nearly 1.6 billion $ in taxes on nearly 9.8 billion $ in total sales.

Colorado levies a sales tax of 2.9% on sales of cannabis for medical and recreational use, and an excise tax of 15% on retail cannabis.

Tax revenue from cannabis is allocated to local governments and state funds for education, transportation, and cannabis, depending on the source of the tax.

While total sales are on the rise, month-over-month sales continue to decline. November marked the fourth consecutive month of declining sales. Retail cannabis sales were hit the hardest, while medical cannabis sales remained fairly stable, according to state data.

Overview of the Other U.S. States

Illinois sold more than $ of cannabis in 2020, according to state data released earlier this month. Recreational sales were launched in the state a year ago and have since seen a significant upward trend in purchases, even amid the coronavirus pandemic.

Cannabis sales in California were also strong despite the pandemic. State officials have declared In November, they were on track to exceed $ in cannabis purchases in 2020.

In November, cannabis sales in Massachusetts had officially surpassed one billion $ since the start of legal sales in 2018.