Published: Sep 12, 2017, 5:37 pm • Updated: Sep 12, 2017, 5:53 pm
The trend of summer highs for Colorado’s cannabis industry continued in July as monthly recreational sales surpassed the $100 million mark for the first time since legalization.
The Cannabist’s calculations of the latest Colorado marijuana tax data show that the state’s cannabis shops sold nearly $137 million in marijuana products — $101.1 million in adult-use sales and another $35.8 million in medical marijuana sales — during the month of July.
The monthly sales tax reports posted by the Colorado Department of Revenue and the subsequent extrapolations by The Cannabist customarily come with their share of caveats: The reported receipts largely reflect sales made in July but could vary because of aspects such as incomplete or late-filed returns.
The July 2017 sales figures, however, come with some added wrinkles. It’s the first month to reflect a new taxing structure for recreational marijuana.
As a result of recent legislation, the retail marijuana special sales tax rate increased to 15 percent from 10 percent and exempted recreational marijuana products from the 2.9 percent state sales tax rate. Accessories or other goods not containing marijuana are still subject to the standard 2.9 percent sales tax rate.
“Due to this tax change, the marijuana industry is in a period of transition,” Department of Revenue officials stated in a footnote to the sales tax report filed Tuesday. “The value reported (for the retail marijuana tax revenue from the 2.9 percent state sales tax) may include, but is not limited to: errors filed by taxpayers that may be corrected by amended returns in the future, prior period return payments and 2.9 percent state sales tax collected on accessories.”
Department of Revenue reported $735,326 was remitted by