Katelyn Baker
Well-Known Member
"This milestone continues to show that the cannabis industry in Colorado is an engine of growth for the economy, a job creator, and one of the biggest industries in the state", said Christian Sederberg, an attorney, who played an integral part in legalizing marijuana in Colorado, CNN reports.
Legal marijuana sales in Colorado have passed $1 billion so far in 2016, marking the best year since the state began allowing the sale of recreational marijuana in 2014, The Washington Times reported.
October data from the Colorado Department of Revenue showed that recreational and medical cannabis shops in the state have sold almost $1.1bn of marijuana and marijuana-related products this year. "As to the economic impact of this industry - if we're using the same multiplier from the Marijuana Policy Group's recent report, which is totally reasonable - it suddenly eclipses a $3bn economic impact for 2016".
The Denver Post first reported the state's record sales figures, noting that Colorado saw $82.8 million in retail cannabis sales in October alone, along with more than $35 million in medical marijuana sales. Not taking into account businesses' licensing fees, $63.4-million in cannabis taxes were collected by the state in 2014, followed by $120.6-million in 2015.
Tax data for November will be released in January, while the tax data for December and 2016's year-end totals will be released in February.
Either way, it's going to be close.
Through October, Colorado has collected more than $150 million in taxes from legal marijuana sales, including almost $50 million from a specific excise tax that directs funds to school construction projects.
The first $40m of the excise tax is set to go towards school construction projects, while anything over that limit heads to the state's public schools fund. Medical marijuana has been legal in the state since 2000. The $6 million collected in October excise tax brings the yearly total to $49.7 million - already well over the $40 million mark, which was a point of discussion in 2012's Amendment 64 campaign.
News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: More Than $1 Billion Of Marijuana Sold In Colorado In 2016
Author: Staff
Photo Credit: Gage Peake
Website: baddgoddess.com
Legal marijuana sales in Colorado have passed $1 billion so far in 2016, marking the best year since the state began allowing the sale of recreational marijuana in 2014, The Washington Times reported.
October data from the Colorado Department of Revenue showed that recreational and medical cannabis shops in the state have sold almost $1.1bn of marijuana and marijuana-related products this year. "As to the economic impact of this industry - if we're using the same multiplier from the Marijuana Policy Group's recent report, which is totally reasonable - it suddenly eclipses a $3bn economic impact for 2016".
The Denver Post first reported the state's record sales figures, noting that Colorado saw $82.8 million in retail cannabis sales in October alone, along with more than $35 million in medical marijuana sales. Not taking into account businesses' licensing fees, $63.4-million in cannabis taxes were collected by the state in 2014, followed by $120.6-million in 2015.
Tax data for November will be released in January, while the tax data for December and 2016's year-end totals will be released in February.
Either way, it's going to be close.
Through October, Colorado has collected more than $150 million in taxes from legal marijuana sales, including almost $50 million from a specific excise tax that directs funds to school construction projects.
The first $40m of the excise tax is set to go towards school construction projects, while anything over that limit heads to the state's public schools fund. Medical marijuana has been legal in the state since 2000. The $6 million collected in October excise tax brings the yearly total to $49.7 million - already well over the $40 million mark, which was a point of discussion in 2012's Amendment 64 campaign.
News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: More Than $1 Billion Of Marijuana Sold In Colorado In 2016
Author: Staff
Photo Credit: Gage Peake
Website: baddgoddess.com
