Colorado Sets Another Weed Sales Record in 2021
The people and the elevation aren't the only things that are high in Colorado. Marijuana sales have steadily increased again for 2021 with another record-setting year.
According to The Denver Channel, a total of $2.22 billion worth of cannabis products were sold in the state last year. This trumps the previous record high sales in 2020 of $2.19 billion amid the COVID-19 pandemic.
How Much Has Been Made Since 2014 in Colorado?
Since 2014, the state of Colorado has seen a total amount of $12.2 billion in cannabis products sold in eight years. When it comes to sales, Denver County leads the pack out of the 64 Colorado counties.
The First Billion Dollars Made from Marijuana in Colorado
Hitting the first billion-dollar sales mark didn't happen until 2016, two years after recreational dispensaries opened up shop in the state of Colorado. Four years later, the first year of $2 billion in sales came in 2020.
The state of Colorado collected a total of $423 million in taxes from the sale of cannabis in 2021. Overall, the state of Colorado has collected more than $2 billion in taxes since February 2014.
Overall, medical marijuana sales have hovered around the same sales rate since 2014 with an occasional increase. Medical sales appear to be under $50 million per year in the past eight years.
How is Colorado's Marijuana Taxed?
Recreational marijuana is taxed with a 2.9 percent state sales tax, 15 percent retail tax, a 15 percent retail excise tax on wholesale sales and transfers. Depending on the location, additional taxes can be tacked on at a local level.
Source: Denver Channel