Marijuana in Colorado Generates $270 Million in Three Months

During the first three months of 2016, cannabis dispensaries in Colorado distributed more than $270 million worth of marijuana and marijuana-infused products; this information comes from Colorado’s Department of Revenue.

Its newest information reveals that the cannabis shops distributed almost $90 million of marijuana in March 2016. Recreational marijuana generated up to $55 million in sales while medical marijuana generated $33 million, all in the month of March, the most recent month that the Department of Revenue has released analytics for.

Although these numbers seem impressive, they are actually a drop from the numbers that were sold in a very successful February. Since Colorado legalized marijuana in January of 2014, February of 2016 was one of the best five months that it had, according to The Cannabist. In the end, Colorado shops distributed about $88.9 million in cannabis and related paraphernalia. March of 2016 is up thirty percent from March of 2015.

“Marijuana sales remain strong,” Christian Sederberg, a lawyer for the marijuana industry, said. “As the regulated system continues to work, we’re also on pace to have over $40 million in excise taxes, meaning there could be additional taxes available from the excise tax to be used for something beyond the public school construction fund.”

The taxes collected on recreational cannabis sales were very lucrative. There was a fifteen percent excise tax that ended up going to schools for recreational marijuana sold. March ended up generating $3.5 million in tax revenue. One of the provisions listed along with Amendment 64 states that the first $40 million generated by the tax will be put towards schools and school-related projects. That tax came out to $13.3 million in 2014 and $35 million in 2015. With the way things are looking, legislatures and analysts are sure that the $40 million mark will be hit in 2016.