Sales and tax revenue in Colorado continue to rise, with August being the biggest month on record. From July to August there was more than 10% jump in both medical and recreational sales.
In August a bit more than $33 million was sold on the recreational side, compared to $29.7 million in July. Medical patients purchased $32.2 million in August up from $28.9 million in July. It’s interesting to see the gap between recreational and medical sales closing month after month since the first of the summer.
All that revenue brings the total taxes, licenses, and fees to approximately $45.2 million for the year. Ricardo Baca from the Cannabist spoke to some industry experts who credit the growth of the recreational market to vast number of stores opening up in new cities and towns across Colorado.
“Every day that goes by, or at least every week, we have new recreational marijuana businesses opening in Colorado, and that helps explain the increase in tax revenue,” stated Mike Elliott, executive director of the Marijuana Industry Group.
It will be interesting to see the revenue and sales tax impact the opening of 21 additional recreational shops set to open anytime in Aurora, a south west suburb of Denver. And the money continues to roll in.
photo credit: Dank Depot