Colorado Reports Record Cannabis Sales for 2019
The state of Colorado recently reported the total cannabis sales for 2019 and the total sales set a new revenue record for the state. Total cannabis revenue in Colorado reached $1.75 billion and represents a 13% increase from the revenue total of 2018. The most profitable month for cannabis sales in Colorado in 2019 was August as it brought in $173 million and December brought in $144 in sales. December’s recreational cannabis sales total represented a 6.7% increase when compared to the previous year.
Truman Bradley, an advocate of the cannabis industry who serves as Executive Director of the Marijuana Industry group, expected the increase in Colorado’s total cannabis sales revenue.
Truman Bradley, Executive Director of the Marijuana Industry Group, stated: “People are moving from the unregulated market to the regulated market,” Bradley explained. “As reefer madness goes away, as the stigmatism of cannabis reduces and people come over to the regulated market, I would expect that trend to continue.”
Legal adult-use recreational cannabis sales started in Colorado in 2014 after the state legalized the sale of recreational cannabis products in 2013. It is reported by Colorado, since the start of recreational sales in 2014, that the state has made $7.79 billion in total cannabis sales. The tax revenue from the total $7.79 billion made by Colorado since 2014 is $1.21 billion. All of the tax revenue made from recreational cannabis sales in Colorado goes toward the state’s public education fund.
An initiative covered by the state’s public education fund is the Colorado Department of Education’s Building Excellent Schools Today (BEST) fund, the state general fund, cannabis tax fund that covers programs related to youth substance abuse, treatment, heath research, and youth education. Tax revenues also benefit the local governments in Colorado.
Colorado Reports Record Cannabis Sales for 2019
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