In its first full year of legalization in 2014, the Colorado-based marijuana industry grossed roughly $700 million dollars in sales. Since then, the state’s weed market has grown rapidly and while other states contemplate legalization, Colorado is pulling in big bucks on the cash crop.
Current figures indicate that annual sales should exceed $1 billion for the first time in the industry’s history!
According to The Cannabist, the Colorado-based marijuana industry has already sold $270 million worth of reefer-related products in the first three months of 2016. If that pace continues, sales could break the $1 billion mark by early December. Also, if legislators repeal the tiered system for selling to out-of-state consumers, that number could be much higher than $1 billion.
Colorado’s Growing Marijuana Sales
- 2012 (Medical) – $199,000,000
- 2013 (Medical) –Â $328,646,922
- 2014 –Â $699,198,805
- 2015 –Â $996,184,788
With a 2.9% sales tax on top of a 10% tax on Marijuana related items, the Colorado state government looks to receive $129 million in revenue this year if the industry breaks the $1 billion mark. And that total doesn’t even include the excise tax on wholesale marijuana sales, which totaled $35 million in 2015.
Find the entire Cannabist article here:Â Colorado pot shops have already sold $270 million of marijuana in 2016
