Sales of recreational marijuana in August declined slightly over the previous month, but total sales in Colorado amounted to well over $200 million.
July 2020 set the state’s record for recreational and medical cannabis sales, bringing in excess of $226 million in revenue. August saw a mere $8 million in lower spending than that high. The Colorado Department of Revenue, which released the latest figures on Monday, also reported that eight months into the calendar year, there have been $1.4 billion in sales in Colorado. With four months to go, retailers are on track to surpass the previous record of $1.7 billion set last year.
Denver County alone comprised almost 30% of the recreational sales total. Together with Adams and Arapahoe counties, the three jurisdictions accounted for roughly half of the sales in the state.
Tax and fee revenue to the state tracked with sales, with a 2.9% sales tax on in-store purchases, a 15% retail marijuana tax on in-store purchases and a 15% excise tax on wholesale sales. Fees are in the form of marijuana licenses and applications.
In August, the department reported nearly $40.7 million in revenue, the vast majority of which came from taxes. Only $4 million, however, went to Colorado’s general fund. The rest of the income is earmarked in large part to schools and school construction, with some money also going to local governments. So far in the calendar year, $244 million in tax and fee revenue have come from marijuana sales.