Pubdate: Thu, 12 May 2016
Source: Denver Post (CO)
Copyright: 2016 The Denver Post Corp
Contact:  http://www.denverpost.com/
Details: http://www.mapinc.org/media/122
Author: Ricardo Baca

STATE POT SHOPS SELL $270M IN 3 MONTHS

In the first three months of 2016, Colorado pot shops sold more than 
$270 million of cannabis and related products, according to new 
figures from the state Department of Revenue.

The state's latest data show that its marijuana shops sold nearly $90 
million of cannabis in March.

The licensed stores sold more than $55 million of recreational 
marijuana and more than $33 million of medical cannabis in March, the 
latest month for which the department has released tax data for the 
industry. Totals for retail and medical marijuana dipped slightly in 
March after a bustling February, which was the state's 
fifth-most-lucrative month for sales since they began in January 
2014, according to the Cannabist's calculations and state data.

In total, Colorado shops sold $88.9 million in marijuana and related 
accessories in March.

March totals for recreational pot sales are up 30 percent from March 
2015, which shows that "marijuana sales remain strong," said 
Christian Sederberg, an attorney for the cannabis industry. "As the 
regulated system continues to work, we're also on pace to have over 
$40 million in excise taxes, meaning there could be additional taxes 
available from the excise tax to be used for something beyond the 
public school construction fund."

Among the taxes collected on retail pot sales is the school-funding 
15 percent excise tax on wholesale marijuana transfers, which 
amounted to $3.5 million in March. One of the cornerstones of the 
campaign that successfully ran Colorado's pot-legalizing Amendment 64 
says that the first $40 million raised by that excise tax will go 
toward school construction projects.

That specific tax totaled $13.3 million in 2014 and $35 million in 
2015, and industry analysts - Sederberg included - say they are 
confident it will top $40 million in 2016.

Colorado marijuana outlets sold more than $699 million of product in 
2014 and more than $996 million in 2015. Year-over-year totals for 
taxes and license fees grew too, from $76 million in 2014 to $135 
million in 2015.
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MAP posted-by: Jay Bergstrom