Colorado Cannabis Revenue Shows Increase

June 11, 2014

Colorado recorded its biggest recreational marijuana tax haul yet in April, topping more than $3.5 million in sales and excise taxes, according to numbers released on Monday [June 9].

The Denver Post reports that the state’s recreational marijuana stores sold more than $22 million worth of product in April, which they said was likely boosted by the 4/20 marijuana holiday that attracted hundreds of cannabis tourists.

Medical marijuana sales continued to outpace recreational sales, with lower-taxed medical-marijuana stores doing more than $31 million in sales during the month.

cannabis Marijuana_Money

Revenue from recreational marijuana has been rising since the beginning of the year, when the first sales began.

April’s revenue was up more than 15 percent from March, which saw $19 million in sales, while in February and January, around $14 million in revenue was brought in each month.

So far this year, Colorado has brought in nearly $11 million in sales and excise taxes on recreational marijuana, while the total take of recreation and medical marijuana taxes and fees is nearly $18 million.

The recently tabled report from the Cannabis Reform Collaborative [CRC] referenced the revenue being earned in Colorado, and commented on possible revenue opportunties for Bermuda.

The CRC report [PDF/137 pages] said, “The illegal status of cannabis deprives the government of the tax revenues it would have received if cannabis were legal.

“If legalized cannabis could be could be charged a sin tax, like tobacco and alcohol. There is also the lost revenue for licensing, permits, payroll tax and any other taxes applicable to the trade.

“If there were a 15% sales tax on the $6.2 million market that would translate to income of $932,696. The current prohibition of cannabis leave the government to spend money enforcing the laws while it is deprived of the possible income had the cannabis trade been legal.”

During the debate on the CRC report, Premier and Minister of National Security Michael Dunkley said the Government’s public undertaking has related to decriminalization and any potential wider use of cannabis.

The Premier added, “Let me indicate early in this debate that at this time, the Government is not prepared to consider personal cultivation, licenses for commercial cultivation and sale or blanket legalization of cannabis.

“Insofar as this report recommends those things, they do not represent this Government’s current intentions.”

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Comments (9)

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  1. LOL (Original TM*) says:

    And that folks is why the US say they will frown on any that legalize it. Do as I say and not as I do cause we want the money.

    LOL Bermuda you again have been left behind.

    • LOL (Original TM*) says:

      I was thinking more on the US stance that other contries following the US states foot steps would be unable to enter the US as they look at the other contries as drug trafficers.

      LOL

  2. smith says:

    LOL – you are confusing the state of Colorado with the federal govt of US. The Federal Govt still oppose the legalization of the drug but some states have laws allowing its use and distribution.

  3. Your joking says:

    What is the % increase of young people now trying it should be what they are looking at…

    • Benjammin says:

      Young people have always used cannabis. Do you think its easier for a 15 year old to go to “their older brother’s, buddy’s place” and buy some pot; or have to go to a licensed store where the clerks aren’t criminals and won’t sell to underage people? Legalization takes the profits away from criminals and puts it back into the hands of regular business owners to help the economy. Regular business owners who won’t sell to kids and who pay their taxes. Taxes which are being used to help keep kids off cannabis and help the communities. The old cannabis laws haven’t stopped children from getting access to it because the people they have to get it from don’t care how old they are. There has only been a steady increase of use amongst children since the “war on drugs” began. That obviously shows the system isn’t working. Time to try something new.

      • Your joking says:

        The fear of being caught is no longer there…so more kids will try it and continue use….and yes they will get their hands on it…..I don’t care if they legalize it or don’t. ..I’m not going to tell a person what they can and cannot do to their body….but before you do anything in life you should have all the facts…p’s they are talking about decriminalize ng it here in Bermuda not legalizing it…This will increase the profit of criminals

        • Real Talk says:

          Actually taking the illegality out it like in Holland its has proved that less young people use marijuana or go to coffeeshops. By keeping it illegal it helps organized therefore making more profits for gangs & drug dealers. The false & failed drug war needs to stop & not matter what the laws are young people are always going to be exposed to it. it makes more sense to educate them correctly instead of havind this closed minded perception on a plant that harms absolutely nobody.

  4. nuffin but the truth says:

    I bet Marc Bean is kissing his teeth reading this!

  5. Real Talk says:

    We need to get on the money train like Colorado. Marijuana is just a commodity its the new gold “THE GREEN GOLD” & it would be retarded to not be progressive with the world. F*** what America thinks they are the most f**** up government ever.