Colorado continues to be a glowing example of the how the legalization of marijuana can be lucratively beneficial to society. The “Rocky Mountain State” is a pioneer in legalizing the sweet cheeba for recreational use and has thrived since doing so. For the first time, the state’s recreational cannabis sales topped $50 million in a month according to the Colorado Department of Revenue. This is largely attributed to the influx of tourists for the summer vacation season.
Colorado also saw the largest month-to-month increase in weed sales in June of this year. From May to June, recreational marijuana sales jumped $7.6 million, bringing the total to $50.1 million. Medical marijuana also saw an increase in sales, seeing a $2.8 million increase, bringing the total to $35.2 million, an annual high.
The Cannabist breaks it down:
There are three types of state taxes on recreational marijuana: the standard 2.9 percent sales tax, a 10 percent special marijuana sales tax and a 15 percent excise tax on wholesale marijuana transfers. For June, Colorado collected a total of $9 million in recreational taxes and fees and $1.85 million in medical taxes and fees, bringing the 2015 cumulative revenue total to $60.7 million.
The 15 percent excise tax, which is earmarked in Colorado for school construction projects, brought in $2.9 million in June, down from $3.5 million in May. In the first six months of 2015, those school-bound tax revenues topped $16.6 million; in all of 2014, that tax brought in $13.3 million.
Colorado’s marijuana, the premier one in the world, has been going strong for 18 months, so these numbers are more notable than ever. The market is also becoming more stable, so there is harder data to present now to argue for federal marijuana legalization.