Colorado Sets New Record For Cannabis Sales

Opinions expressed by Entrepreneur contributors are their own.

Colorado marijuana dispensaries set a new sales record in 2021, according to the state’s Department of Revenue (DOR), selling almost $2.3 billion, reported Westword.


Colorado marked a record $423 million in tax revenues from cannabis sales in 2021, according to the state’s DOR (compared to the previous record of over $387 million in 2020), “making it the second consecutive year that the state has eclipsed that mark,” informed The Center Square.

December’s $168 million in overall marijuana sales put 2021’s total at $2,228,994,553, beating 2020’s record of $2.19 billion by about $38 million.

RELATED: U.S. Cannabis Sales Topped $37 Billion in 2021. Will Sales Decline in 2022?

Legal states continue to see growth

States that have legalized marijuana have collectively garnered more than $10 billion in cannabis tax revenue since the first legal sales started in 2014, according to a report released by the Marijuana Policy Project (MPP).

“In many instances that revenue is being distributed to much-needed public services and programs, including reinvesting in communities that were devastated by the war on drugs,” Karen O’Keefe, director of state policies at MPP said. In Colorado, $471.9 million of the total revenue generated from cannabis taxes has been dedicated to improving Colorado’s public school system.

Source link

Previous How Many NFL Players Are Really Using Marijuana?
Next The IRS Has Clarified That Marijuana Purchases Are Not Tax Write Offs