Businesses in Colorado have sold about $10 billion of marijuana since the plant was legalized for recreational use in 2014, according to new data released by the state Department of Revenue.
The figures released Tuesday indicate that marijuana sales in 2020 hit an all-time high for one year with $2.19 billion in total revenue, up from $1.75 billion in 2019. Marijuana revenue from 2020 surpassed figures from 2019 by the end of October.
“Ten billion is incredible and unsurprising at the same time,” said Truman Bradley, executive director of the Marijuana Industry Group, Colorado’s trade association. “The industry has partnered with regulators to do things the right way in Colorado. This state continues to be a leader in regulated cannabis.”
Tax and fee revenue from marijuana sales since 2014 has totaled about $1.63 billion, the state said.
Marijuana dispensaries collect 2.9% in state sales tax, 15% as a marijuana retail sales tax and a 15% excise tax on wholesale sales or transfers of retail marijuana, the Colorado Sun reported.
Fees are generated from license and application charges, while cities often add local sales taxes of about 20%.