Marijuana Business in Colorado has a good reason to stay in high spirits again. The reason is the calculations of the cannabists that could possibly show the sales of the cannabis nearly $137 million, out of which $101.1 million is just for the recreational products.
Marijuana Business in Colorado- What does the Recreational Report has to say?
The monthly recreational sales surpass $100 million marks for the first time since its legalization. It seems that the trend of summer highs for Colorado is improving with each passing day. As per the Colorado marijuana tax data, the state’s here sold approximately of $137 million in the marijuana products. Another $101.1 million was spent in adult use sales and the rest of the $35.8 million in the medical marijuana sales. The report is for the month of July this year. Comparatively, March hit lesser sales of $131.69, which was a little lower than the sales of July.
The July month, however, has come up with some extra crinkle. This is the first month where the new taxing structure will probably reflect for the recreational marijuana industry. So, the mixed reaction is coming from marijuana growing companies for now.
So, how is going to be- The Recreational Marijuana Taxes and Prices!
The result of this recent legislation says that the retail marijuana special sales tax rate will go up to 15%, whereas the exempted recreational marijuana products will now stay at 2.9%. For every other product not containing marijuana, the sales tax rate will stay at 2.9%.
Is It a Period of Transition?
As per the tax change, the marijuana company is enjoying the period of transition. The words of Department of Revenue proved this. They said the value reported may include but is surely not restricted to the errors filed by taxpayers, prior period return payments, and the percentage of the state sales tax that is accumulated on accessories.
Another senior economist believes that the sales tax rate collected in the month of July inflated.
The calculations of the cannabists say that the new 15% sales tax is the basis of the recreational sales of July 2017. So, the summer season is good for pot business this year. This 4-year old industry is finally growing now.
So, we can say that definitely, this is the period of transition for Marijuana business in Colorado.
Medical and Recreational Cannabis Sales- The Progress
The monthly combined sale of recreational and cannabis industry concealed $100 Million in June 2016. The flower, edibles, accessories, and even the concentrated have not gone below since then.
What are ECONOMISTS projecting?
The state officials and Economists are projecting an annual progress rate just as moderate for the pot industry here in Colorado. Marijuana business in Colorado will thus mature and grow with the coming years.