Colorado marijuana sales continue summer slump in June2 min read
Colorado marijuana sales continued a summer slump last month, according to the Department of Revenue’s latest monthly report.
In June, marijuana sales topped $187 million, according to the department’s data. This represents a 6% decrease from May’s total sales.
More than $152 million of the total sales came from recreational marijuana. These sales totals account for all sales made at retail marijuana stores, but does not include the sales of items that do not contain retail marijuana. It also excludes wholesale purchases, the department said.
At this time last year, Colorado saw a 4% bump in marijuana sales. Between May and June 2020, the Colorado increased its marijuana sales from $192 million to nearly $200 million.
According to the department’s data, June 2020 was Colorado’s biggest marijuana sales month ever as local lockdown orders and increased work-from-home opportunities contributed to the sales increase.
For the calendar year, Colorado dispensaries have sold more than $1.1 billion in marijuana, up more than $100 million through the first six months of 2020.
Colorado also collected nearly $35 million in taxes from June’s marijuana sales, DOR data shows.
A majority of the collections come from the state’s 15% marijuana sales tax. In July, the state collected more than $23 million from this tax alone, according to the department.
Under state law, the state government holds 90% of the funds collected through this tax. The revenue is then distributed to three accounts: the Marijuana Cash Fund, the Public School Fund, and the General Fund.
Colorado also collects a 3% state sales tax on both medical and recreational marijuana, and a 15% excise tax on all marijuana sold. These funds are used to support capital construction for schools and provide funding for law enforcement agencies.
This article was originally posted on Colorado marijuana sales continue summer slump in June