Colorado Cannabis Sales Hit $6 Billion Mark

Ever since Colorado’s adult-use cannabis sales began on January 1, 2014, the state’s marijuana industry has continued to be an example of what can be accomplished socially and financially in a functional legal environment.

A monthly cannabis sales and tax report that the Colorado Department of Revenue (DOR) released on February 12 shows that sales of marijuana have totaled more than $6 billion since they began five years ago.

The report contains the final sales and tax figures from January 2014 through January 2019.

Revenue from cannabis taxes, licenses, and fees generated $683.5 million in 2014, and have continued to grow ever since, reaching a current total of more than $927 million, according to the report.

The report shows that tax, license, and fee revenue was $21.5 million in January 2019.

In December, DOR reported that the price of cannabis flower was $781 per pound and trim was at $325.

“The quarterly Average Market Rate (AMR) update is just one of many examples of the Department of Revenue’s use of data in helping regulate the burgeoning cannabis industry,” said DOR executive director Mike Hartman. “Industry participants use this report as part of excise tax calculations in certain retail transactions, but the Department sees it as one of the important tools that the state uses to closely monitor supply, demand, and pricing dynamics.”

The AMR was based on retail cannabis transactions between August 1, 2018, and October 31, 2018, logged into DOR’s Marijuana Enforcement Division inventory tracking system.