Tue, May 10, 2022 10:15 AM
By By Robert Davis The Center Square contributor, The Center Square
(The Center Square) – Marijuana sales in Colorado rebounded slightly to $162 million in March, according to the latest data from the Colorado Department of Revenue (CDOR).
The sales total represents a climb of more than 11% from February when more than $145 million of marijuana was sold in the state. March’s total also represents a more than 22% decline when compared to the sales figures from March 2021.
So far this calendar year, more than $458 million of marijuana has been sold in Colorado, which is nearly 20% below the pace that the state set last year.
More than $139 million of the total marijuana sales in March came from recreational sales while $22 million of medicinal marijuana was sold in Colorado, according to CDOR.
Denver County led all others in total sales for both recreational and medicinal marijuana with more than $43.7 million sold between the two categories.
Marijuana sales are reported by each county separately and are logged into Colorado’s state accounting system. This process is one reason why monthly sales figures are reported one month behind the state’s marijuana tax and fee revenue.
In April, Colorado collected more than $30 million in taxes and fees from marijuana sales, marking the first time since January that Colorado had collected at least $30 million in taxes.
Tax revenue comes from a 2.9% state sales tax on marijuana sold in stores, a 15% state retail marijuana sales tax, and a 15% state retail marijuana excise tax on wholesale sales or transfers of retail marijuana, according to CDOR. Fee revenue comes from marijuana license and application fees.
Marijuana tax revenue in Colorado is used to support several policy ends such as for public schools and law enforcement agencies.
Last month, more than $7.8 million was distributed to the public school construction fund while the state retained more than $18.4 million, CDOR data shows.