Denver Gathered $34M In Marijuana Taxes In 2020 Alone

The city of Denver collected $34.8 million in marijuana taxes during 2020.

In a report released Tuesday, the “Mile High City” issued information for legal cannabis activity under its jurisdiction.

There are fifteen types of marijuana business licenses in Denver that range from dispensaries to cultivation and distribution. The city currently has 441 medical licenses and 476 retail licenses active.

Adding together Colorado’s sales tax, the city’s sales tax and other local taxes, total taxes for medical marijuana amount to 8.81% of sales. The number is significantly higher for retail cannabis, which reaches 26.41%, including a 15% tax called “state special sales tax on retail marijuana.”

Cannabis consumption in Denver hit an all-time high during the pandemic.

In 2020 total marijuana sales in Denver reached the sum of $714.9 million: more than 30% of the state’s total of $2.2 billion.

“All of Denver’s marijuana-related revenue goes to the city’s general fund to pay for city services. The city first allocates the special retail sales tax and state shareback to fund the key areas of regulation, education and enforcement,” said the report.

Photo by Josh Berendes on Unsplash.