Recreational Weed Outsells Medical in Colorado, Brings Total Tax Revenue to $18.6 Million

Business
Colorado Marijuana Taxes

Just seven months since legalization, recreational marijuana has outsold medical in the state of Colorado.

Well, that didn’t take long.

Tax records for July show that recreational dispensaries in Colorado made $28,921,068, while medical dispensaries made $28,313,034, amounting to a $608,000 difference. There are currently about 200 recreational dispensaries in Colorado compared to 400 medical dispensaries, but it is predicted that more medical will convert to recreational to get a piece of the rising action.

From those profits, the state of Colorado collected $838,711 in taxes from medical and $5.19 million from recreational sales tax, which brings the total of state taxes collected from recreational weed to a whopping $18.6 million (as well as $5.3 million in excise taxes).

It should also be said that this July was the biggest month for tourism in the history of the state. Apparently Colorado is doing something right, we can only speculate what…