In the wake of the announcement that consumers in Oregon spent $11 million on cannabis products in the first week of legal recreational sales, the state of Colorado has announced that August was another record breaking month for cannabis sales in the Centennial State.
The cannabis sales numbers for August 2015, which were just recently released by the Colorado Department of Revenue, revealed that consumers in Colorado spent more than $100 million total on medical and recreational purchases. This is the first time that sales have topped $100 million since recreational sales were legalized in 2014.
Medical cannabis sales ($41.4 million) were not as lucrative as recreational sales ($59.2 million). In August, the state collected $2 million in taxes from medical purchases and more than $11 million from retail purchases. Medical purchase are not subject to the same excise tax as recreational purchases. Each recreational cannabis purchase comes with a 2.9 percent state sales tax, a 10 percent marijuana sales tax, and a 15 percent excise tax.
So far in 2015, the state of Colorado has collected more than $86 million in taxes from legal cannabis purchases. Colorado schools receive funding for construction projects from the excise tax charged to retail purchases. As a result, in the month of August, more than $3 million was raised for Colorado schools.