Marijuana sales down in Colorado in September 2015
Posted by Sagar Satapathy on November 12, 2015.
After growth in sales for four consecutive months from May till August 2015, the monthly recreational sales in Colorado in September, have witnessed a decline, as per the new data released by the state's Department of Revenue. The slump was attributed to fewer purchases during the off-season month. Sen. Pat Steadman, D-Denver also claimed that the pot tax holiday on September 16 also could have played a role.
Revenues from recreational marijuana sales in Colorado dropped to $56.4 million, while medical marijuana sales declined to $38.2 million in September. The dip in sales was around $3 million each in both cases, if we compare the sales revenue in August 2015 where they totaled $100 million for the first time.
However, for the fourth consecutive month, the recreational marijuana sales in Colorado topped $50 million. The state reportedly lost $3.6 million in revenue during the one-day pot tax holiday on September 16. As per the statistics, nearly $700 million of medical and recreational marijuana was sold in Colorado in 2014. However, the nine-month sales record between January to September in 2015, has already passed last year's combined revenue. More than $730 million of marijuana have been sold in Colorado between January and September.
The increasing marijuana sales has another positive aspect. Taxes collected from this, are being utilized in various development projects in the state. There are three types of state taxes on recreational marijuana - 2.9% sales tax, 10% special marijuana sales tax and 15% excise tax on wholesale marijuana transfers. In September 2015, Colorado earned $9.7 million in recreational taxes and $2 million in medical taxes. In 2015, the state has earned more than $98.3 million in taxes and fees. comments powered by Disqus