- Posted by Rocky Mountain High
- On August 19, 2015
- 0 Comments
- Colorado, Taxes
Colorado’s legal and medical marijuana markets reached a new high in June as sales climbed over the $60 million mark for the first time.
That $50.1 million in retail sales combined with a medical marijuana sales high of $35.2 million combined for ver $86 million in total sales in one month–a new statewide record. Moreover–and more importantly–those combined sales raised a whopping $60.7 million in tax revenue for the state.
In year two of legalization, Colorado has clearly taken the next step in both selling cannabis and raising money for the community:
The 15 percent excise tax, which is earmarked in Colorado for school construction projects, brought in $2.9 million in June, down from $3.5 million in May. In the first six months of 2015, those school-bound tax revenues topped $16.6 million; in all of 2014, that tax brought in $13.3 million.
While the market will eventually plateau, Colorado is still seeing growth over w0 months into legalization–and it’s miraculous to see first hand. We’re proud to be apart of this new industry’s growing financial boom and to give back to our community.