Colorado marijuana industry surpasses $1 billion in sales

CHLOE
Marijuana hangs to cure at Verde Natural's Northeast Park Hill grow facility. (Kevin J. Beaty/Denverite)  marijuana; pot; weed; verde natural; tommy chong; grow; agriculture; kevinjbeaty; denver; denverite; colorado;

Marijuana hangs to cure at Verde Natural's Northeast Park Hill grow facility. (Kevin J. Beaty/Denverite)

As of October 2016, sales of medical and recreational marijuana in Colorado surpassed $1 billion for the first time since legalization.

Data released Monday by the Colorado Department of Revenue shows sales of medical and recreational marijuana totaling $1,092,159,291 in the first 10 months of 2016. By comparison, at the close of 2015, sales fell short of $1 billion by a little less than $4 million.

“We think we’ll see $1.3 billion in sales revenue this year,” Christian Sederberg, a partner with Vicente Sederberg, told the Cannabist.

In April 2016, the 4/20 holiday helped revenue reach an all-time high, totaling approximately $117 million that month. But sales increased all summer.

September’s $127,820,846 in revenue surpassed April’s by about $10 million, setting new records for the highest revenue month in industry history and beating the previous September’s revenue by about $33 million.

In terms of taxes, Sederberg estimated that 2016’s total will eclipse combined tax totals from 2014 and 2015.

Trimmer Daniel Newkirk works inside Verde Natural's grow facility. (Kevin J. Beaty/Denverite)  marijuana; pot; weed; verde natural; tommy chong; grow; agriculture; kevinjbeaty; denver; denverite; colorado;

Trimmer Daniel Newkirk works inside Verde Natural's grow facility. (Kevin J. Beaty/Denverite)

In 2014, the state collected $63.4 million from marijuana taxes. In 2015, taxes totaled $120.6 million.

Year-to-date taxes for 2016 total $151,366,863 from marijuana, meaning tax revenue would need total about $16.5 million per month for November and December to satisfy Sederberg’s predictions.

Final tax and revenue totals for 2016 will be released in February 2017.

Multimedia business & healthcare reporter Chloe Aiello can be reached via email at caiello@denverite.com or twitter.com/chlobo_ilo.

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