Colorado marijuana sales surge to $1 billion in first 10 months of year

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DENVER -- Marijuana sales in Colorado surpassed the $1 billion mark for 2016 after October amounts were released by the Colorado Department of Revenue.

The figure is from the legal sales of recreational and medical marijuana at Colorado shops. In 2015, sales just missed the $1 billion mark, totaling $996,184,788 ($587,834,219 for recreational, $408,350,569 for medical).

In October, sales dipped from the record high of a month earlier to $117.84 million ($82.79 million for recreational, $35.05 million for medical).

That brought statewide totals for the year to $1,092,159,291 ($720,731,127 for recreational, $371,428,164 for medical).

In September, a record $127.82 million in sales were recorded ($88.24 million for recreational, $39.58 for medical).

Voters approved Amendment 64 in 2012 and sales began on Jan. 1, 2014. Marijuana sales include a 2.9 percent sales tax, a special 10 percent sales tax and a 15 percent excise tax on wholesale transfers.

The state has raked in $49.7 million in taxes so far this year. The first $40 million goes for school construction projects with anything over that going to the state's public school fund.

 

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