DENVER – Colorado bought $2.22 billion price of marijuana in 2021 – essentially the most ever in a 12 months, as gross sales have now grown year-over-year yearly since leisure gross sales launched in 2014.
The $2.22 billion topped the earlier document excessive of $2.19 billion that was sold in 2020. Within the eight full years of recreational sales, Colorado has bought a complete of $12.2 billion.
Leisure gross sales proceed to make up the majority of the marijuana bought, and Denver leads the state’s 64 counties by way of gross sales.
Colorado Division of Income
The state collected $423 million in tax revenue from 2021 gross sales. On the finish of 2021, the state had collected just a little greater than $2 billion in tax income since February 2014.
In 2014, the state bought $683 million price of marijuana. Gross sales topped $1 billion for the primary time in 2016, when $1.3 billion was bought. The primary time Colorado bought greater than $2 billion was in 2020.
However the Marijuana Trade Group, made up of 400 licensed marijuana companies, mentioned the gross sales income was not all excellent news due to the tax charges on merchandise. Marijuana is taxed with a 2.9% state gross sales tax, a 15% retail tax, and a 15% retail excise tax on wholesale gross sales and transfers. There are additionally further native taxes in some areas.
“Whereas it appears thrilling to listen to ‘document gross sales,’ these numbers usually are not reflective of how the trade is doing as a complete, and we should put these numbers into perspective,” mentioned Tiffany Goldman, Board Chair of the Marijuana Trade Group.
“As a small enterprise proprietor, myself, I do know firsthand the challenges dealing with the trade within the type of federal tax charges and growing rules,” Goldman added. “…We’re hopeful that lawmakers in our state perceive these challenges and are prepared to work with us to help small enterprise house owners in order that the trade can proceed to generate financial advantages for years to return.”
