A record-breaking month of marijuana sales occurred in Colorado in August, bringing the state more than $100 million in revenue.
It has been nearly three years since voters in Colorado decided to legalize the possession and sale of recreational marijuana, and business is booming. According to a report from the Denver Post, monthly marijuana sales in the state have exceeded the $100 million mark for the first time, according to a recent analysis from the Colorado Department of Revenue.
The figure describes the total sales of marijuana in the state, both recreational and medical. The recreational market brought in $59.2 million in revenue in August, while the medical market earned $41.4 million. The combined sales equaled $100.6 million, shattering previous records.
Colorado began selling marijuana recreationally on January 1, 2014, and sales have taken off since then. In the first month, the state brought in $46.9 million in total marijuana sales, with the recreational market earning $14.7 million and the medical market earning $32.2 million. Recreational sales first exceeded medical sales in August of 2014.
That’s a lot of revenue for the state to tax. Recreational marijuana is subject to three different types of taxes in Colorado. There is a statewide 2.9 percent sales tax, a 10 percent special marijuana tax and an additional 15 percent excise tax on wholesale deals. Colorado collected $11.2 million in recreational taxes and $2 million in medical taxes. The state has brought in over $86.7 million in marijuana taxes so far in 2015.