Denver has achieved a new cannabis milestone, with adult-use and medical cannabis tax revenue now exceeding $500 million since 2010, city data released on Monday shows.
As Colorado touts the fact that adult-use retailers have now sold more than $15 billion in cannabis products since legalization, the state’s largest city has released a report that shows how those purchases locally have translated into hundreds of millions in tax dollars to support public programs and services.
Since 2010—four years before adult-use shops opened in Colorado—Denver has yielded $501,538,144 in cannabis tax revenue, including money generated from medical cannabis sales, the city is reporting. It crossed the half-billion-dollar threshold in August, the latest month for which revenue data is available.
The tax dollars come from a variety of sources, including the retail and medical cannabis sales tax, retail special tax, affordable housing tax, state share-back, and cannabis business licensing fees. So far this year alone, Denver has taken in about $33 million in cannabis tax revenue. Those taxes come from about $5.7 billion worth of cannabis sales in Denver since 2010. The total for 2023 is just over $300 million in cannabis purchases as of August.
Read more at marijuanamoment.net