Cannabis Sales in Colorado Already at Half a Billion Dollars in 2016
After the first five months of the year, Colorado is on pace to reach $1 billion dollars in cannabis sales during 2016. The Colorado Department of Revenue released data Wednesday showing that Colorado cannabis shops reeled in nearly $98.6 million in sales during May, bringing the year-to-date tally for 2016 to just over $486 million.
May’s sales were the fourth-highest monthly total since Colorado began recreational sales in January 2014. Medical sales topped $37.7 million, and recreational cannabis sales ended up being $60.85 million. With all of those receipts, Colorado will be swimming in tax revenue; the state claimed nearly $15 million in cannabis taxes, licenses, and fees.
In April, Colorado set a new sales record with $117.4 million, mostly thanks to the annual 4/20 holiday. According to the Colorado Department of Revenue, cannabis shops sold almost $76.6 million in recreational cannabis in April, significantly eclipsing the previous high-water mark of $62.2 million in December 2015.
The record-setting sales also mean a healthy revenue haul for the state. There are three different taxes on Colorado’s recreational cannabis — the standard 2.9 percent state sales tax, a special 10 percent sales tax, and a 15 percent excise tax on wholesale transfers, which is earmarked for school construction projects.
With an international team of writers and decades of experience in the industry, Cannabusiness.com strives to bring you the very latest news from the legitimate cannabis and hemp industries.