Sales records for recreational and medical marijuana in Colorado in 2015 have been released by the Colorado Department of Revenue. With both markets combined, a total of $996,184,788 in sales are reported. An industry attorney, Christian Sederberg said, “I think it’s ethical to round that up to a billion.”
School construction projects benefitted to the tune of more than $35 million from marijuana sales taxes. The state collected over $135 million in 2015 for marijuana taxes and fees, according to The Denver Post.
Attorney Steve Fox said, “These are amazing numbers, especially on the tax revenue side.”
Three types of taxes are in place regarding marijuana sales in Colorado. Wholesale marijuana transfers require a 15-percent excise tax. Two types of sales tax are in place including the general sales tax of 2.9-percent and a special marijuana sales tax of 10-percent.
In terms of economic growth and an improving economy, Fox commented, “I’m really proud of our state and proud of our legislators and local officials, who have helped us transition away from an underground market so quickly so that our state can see the benefits of tax revenues, regulated sales, jobs and economic development.”
In December alone, the state collected $2 million in medical marijuana taxes and fees. Recreational marijuana sales brought in $11.3 million dollars in taxes and fees to the state.
Colorado saw a steady incline in marijuana industry sales numbers throughout 2015. One of the biggest months of growth was measured between November and December, showing a 21-percent increase in recreational and medical marijuana sales.