Colorado’s 2017 marijuana sales reach $1 billion in just eight months

Legal marijuana is a bona fide billion-dollar industry in Colorado. And it’s hitting the mark faster than ever.

In 2017, Colorado eclipsed $1 billion in marijuana sales in eight months; in 2016, it took 10 months.

Colorado’s marijuana retailers logged upward of $1.02 billion in collective medical and recreational sales through August, according to The Cannabist’s extrapolations of state tax data released Wednesday. Year-to-date sales are up 21 percent from the first eight months of 2016, when recreational and medical marijuana sales totaled $846.5 million.

This year’s cumulative sales equate to more than $162 million in taxes and fees for Colorado coffers.

The monthly tax data now comes with some additional stipulations. It’s the second full month in which marijuana sales have been subject to a different taxing structure, and the reports reflect a “period of transition,” DOR officials say.

The special sales tax rate for recreational marijuana increased to 15 percent from 10 percent in July, as the result of a new law that also exempted recreational marijuana products from the 2.9 percent standard state sales tax. Medical marijuana and accessories are still subject to that 2.9 percent sales tax rate.

The Cannabist’s calculations for July and August 2017 recreational sales are based on revenue reported for the new 15 percent sales tax.

Here’s a look at Colorado’s previous cumulative yearly sales totals:
2014: $699,198,805
2015: $996,184,788
2016: $1,313,156,545

And California is on track to spend $2.68 billion on just medical marijuana in 2017.