Colorado marijuana tax revenues break file for yr

Colorado’s annual marijuana tax revenue has hit a new high for the seventh consecutive year, according to the latest US Treasury data.

The DOR’s latest monthly report on marijuana tax revenue shows that combined marijuana taxes and fees in November drove the total from $ 32.5 million to over $ 392.8 million by 2021. That’s nearly $ 5.4 million more than the previous record set in 2020 – with one month left.

Colorado levies four different forms of marijuana taxes and royalties on the legal marijuana industry: a 15 percent tax on recreational cannabis sales, a 15 percent excise tax on marijuana wholesale, a 2.9 percent sales tax recreational and medical marijuana purchases; and various licenses and application fees that state-approved marijuana companies must pay.

According to DOR records, this year’s averages in each of the four marijuana tax and fee categories are higher than they were in 2020. But while 2021 is already the highest year for cannabis tax revenues, the state didn’t beat last year’s sales. judging by DOR data.

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So far, the DOR has only published pharmacy sales figures up to October; they total just over $ 1.9 billion. After calculating sales amounts based on marijuana tax rates and November tax revenue, sales should be $ 2.075 billion for the first eleven months of 2021.

In 2020, Colorado pharmacies sold just over $ 2.19 billion, and sales for this December 2021 are virtually guaranteed to be above that mark. Pharmacies had sales of over $ 186.3 million in December 2020, according to the DOR, and sales of just around $ 120 million would break the 2020 record.

Since Colorado began selling recreational marijuana in 2014, the state has raised over $ 1.98 billion in tax revenue, excluding taxes and fees imposed at the local level.

While Colorado’s marijuana industry will celebrate another record year in 2021, monthly pharmacy sales continued to decline this fall on an annualized basis. Total pharmacy sales of $ 176.4 million in October were about 12 percent less than the same month last year, according to DOR – the fifth straight month that monthly totals in 2021 were lower than last year.

click to enlarge COLORADO SALES DEPARTMENT

Colorado Department of Revenue

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