Colorado marijuana sales continued to slump in August, according to recent figures released by the state’s Department of Revenue (CDOR).
Total sales topped $192 million, bringing Colorado’s year-to-date total up to $1.54 billion. August’s total sales represent a 12% decline from August 2020 and a 5% month-over-month decline from June, CDOR data shows.
Recreational marijuana sales accounted for nearly $158 million of August’s total sales. Denver, Arapahoe, and Adams counties made up a combined 44% of the monthly sales with more than $70 million of recreational marijuana sold.
Medical marijuana sales declined for the first time in three months, totaling more than $34 million in August. Denver and El Paso counties made up most of the medical sales, combining for more than $26 million between the two counties.
Colorado collected more than $36.8 million in tax revenue from the marijuana sales. That brings the state’s total marijuana revenue up to $327.3 million for the calendar year.
The total taxes collected in September represent a slight decline from the amount collected at the same time in 2020 but are more than 20% higher than the $29 million in taxes Colorado collected in September 2019, CDOR data shows.
Colorado collects its marijuana tax revenue from a 2.9% state sales tax on marijuana sold in stores, a 15% state retail marijuana sales tax, and a 15% state retail marijuana excise tax wholesale sales and transfers of retail marijuana.
Under state law, 10% of the revenue from its excise taxes are allocated to local governments. The remaining 90% is divided among three spending accounts that support health care, education, law enforcement, and infrastructure projects across the state.
This article was originally posted on Colorado marijuana sales continued slump in August