Cannabis sales in Colorado have decreased for the third month in a row

Cannabis sales in Colorado have decreased for the third month in a row

Overall, cannabis sales in February were 3 percent lower than in January, and overall sales were 13 percent lower than a year earlier.

The Center Square was written by Robert Davis.

According to the state’s most recent market data, marijuana sales in Colorado maintained their downward trajectory in February, totalling $145 million in the month.

In February, marijuana sales in Colorado fell for the third straight month, following a record-breaking year in the previous year, according to data from the Colorado Department of Revenue (CDOR). Overall, marijuana sales in February were 3 percent lower than in January, and overall sales were 13 percent lower than a year earlier.

To already in this calendar year, $296 million worth of marijuana has been sold in the state, increasing the total amount of marijuana sold in the state since legalisation in 2014 to more than $12.5 billion.

Retail marijuana sales in February totalled more than $124 million, according to figures from the Colorado Department of Revenue, while medicinal marijuana sales brought in an additional $20 million.

Denver County contributed for approximately $32 million of the total retail sales, making it the most profitable county in the state in terms of retail sales. Bringing in $13 million and $10 million, respectively, Arapahoe and Adams counties rounded out the top three counties in terms of marijuana sales in the state.

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Colorado also earned more than $27.8 million in taxes on marijuana sales in March, according to figures from the Colorado Department of Revenue. As a result of the fact that taxes are accounted for in Colorado’s accounting system, but sales statistics are provided by local counties each month, sales tax figures are sometimes issued one month ahead of sales data.

A 2.9 percent state sales tax on marijuana sold in retailers, a 15 percent state retail marijuana sales tax, and an additional 15 percent state retail marijuana excise tax on wholesale sales and transfers of retail marijuana generate tax revenue.

Fees for marijuana licences and applications are another source of revenue for the industry. Colorado earned more than $1.1 million in fees alone last month, according to state records.

It is the state’s responsibility to disburse tax income from marijuana sales to a variety of stakeholders, some of which include local governments, public schools, and law enforcement organisations.

Recently, more than $17 million in taxes were kept by the state, with the remaining funds being transferred to the Marijuana Tax Cash Fund, which provides funding for health care, drug addiction treatment alternatives, and health education initiatives.

According to the Colorado Department of Revenue, public schools got more than $2.1 million in marijuana taxes last month, while local governments received more than $1.9 million in state tax redistributions.

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