Let's see how all that money is spent.
The City of Denver's marijuana tax revenue collection crossed the half-billion mark this summer, according to data from the Denver Department of Excise & Licenses, reaching $501.5 million in August.
In 2014, when recreational pot shops opened across Colorado, Denver's local tax revenue skyrocketed thanks to dramatically increasing dispensary sales and heftier taxation. That year alone, Denver collected $23.8 million in marijuana tax revenue and licensing fees, with the city implementing a 3.5 percent sales tax on recreational sales. That number increased every year through 2021, when Denver's annual marijuana tax collection hit a record $72.9 million.
Colorado's marijuana industry has dipped over the past two years, however, and so has Denver's local tax revenue, going from almost $73 million to $56.2 million in 2021. In that same span, statewide tax revenue dropped over 23 percent. Based on monthly dispensary sales and tax revenue data in 2023, this year is expected to show a similar rate of decline.
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