2021 Colorado marijuana sales set record with $2.22 billion. That surpasses the previous record set in 2020 at $2.19 billion. Since marijuana became legal in Colorado, 2014, sales continue to have grown each year.
Over the past eight years the total sales from cannabis in Colorado has exceeded $12 billion. More and more people are accepting the idea of legalizing marijuana across the United States. Customers are more willing to consider the medicinal benefits of cannabis than in the past. Many professionals are coming out and showing their support for legalization. It is becoming very comfortable in the marketplace.
The pandemic did not hurt industry sales. For many, as the pandemic started, having enough marijuana was as essential as stocking up on toilet paper. In states where cannabis is legal, saw increases in sales overall when the pandemic began. Research indicates that the legal cannabis market is likely to grow 20-30% per year to the price of $50 billion by 2026.
In 2021 Colorado has collected more than $423 million in tax and fee revenue. The state sales tax on cannabis sold in dispensaries is 2.9%, there is a 15% state retail marijuana sales tax, and the 15% state retail marijuana excise tax, which applies to wholesale sales and transfers. Since 2014, the state of Colorado has collected more than $2 billion in cannabis tax and fee revenue.
2022 is off to another great year for cannabis sales and tax collected for the state. For January of 2022, the state of Colorado collected $30.7 million in taxes on cannabis products.