Statements below from Colorado Leads, a leading Colorado cannabis business organization
According to reports, data released this week by the city of Denver shows tax revenue from legal marijuana sales has generated more than half a billion dollars for the city since 2010. The news comes less than a week after the Colorado Department of Revenue announced state marijuana tax revenue has exceeded $2.5 billion.
From 2010 to August 2023, regulated cannabis businesses conducted about $5.7 billion in legal sales of adult- use and medical marijuana, producing $501,538,144 in local tax revenue. The revenue has been used to support affordable housing ($61.7 million), homelessness services ($30 million), education ($27 million), small business investment ($10 million), and opioid intervention ($4 million).
“Colorado’s cannabis industry has fulfilled legalization’s promise of substantial tax revenue for our state and local communities,” said Chuck Smith, president of the board of directors at Colorado Leads. “These businesses are not only generating revenue, but also creating jobs, utilizing the products and services of other local businesses, and making charitable contributions to a wide range of local causes.”
Earlier this month, Colorado Leads hosted a golf tournament that raised thousands of dollars for the Denver Assessment, Intake, and Diversion (AID) Center, a crucial connection point to comprehensive community and systems-based services for justice-involved individuals and others.
“While our economic impacts tend to grab the headlines, we are most proud of our industry’s commitment to regulatory compliance and enhancing public safety,” Smith said. “Regulated marijuana businesses ensure adults who choose to consume cannabis can purchase it safely and legally. They also take great care to prevent cannabis from being sold to minors.”
Late last week, the Colorado Department of Revenue’s Marijuana Enforcement Division announced the compliance rate for underage sales checks reached a record high 99 percent in 2022.
Source: Colorado Leads
