Colorado: Marijuana Sales Dropped Again In February, Down 13% YoY

Marijuana sales in Colorado continued spiraling down in February totaling $145 million, reported The Center Square. February was the third consecutive month of declining marijuana sales according to data from the Colorado Department of Revenue (CDOR).

In February, marijuana's total sales fell 3% sequentially and 13% YoY.

“So far this calendar year, $296 million of marijuana has been sold in the state, bringing total sales to more than $12.5 billion since legalization in 2014. According to CDOR’s data, retail marijuana sales totaled more than $124 million in February while medical marijuana brought in another $20 million.”

Colorado collects 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 and transfers of retail marijuana.

In March, The Centennial State collected more than $27.8 million in taxes from marijuana sales, retained more than $17 million and redistributed more than $12 million to the Marijuana Tax Cash Fund, which supports multiple public policies including health care, education and stakeholders, such as local governments, public schools and law enforcement agencies. Public schools received more than $2.1 million from marijuana taxes in March.

Meanwhile, local governments collected more than $1.9 million.

Photo by Fr. Daniel Ciucci on Unsplash.