July in Colorado: $122 million in marijuana sales

Vicki Murgach, a shift manager at Northern Lights Cannabis Company holds a container of marijuana for a customer to smell at the legal marijuana shop in Edgewater, Colo., on Friday, Oct., 31, 2014. Under a federal tax law, Code 280E, marijuana shops in Colorado report that they regularly pay taxes of more than 70 percent compared to 30 to 40 percent business exempt from Code 280E.

Joe Mahoney / Rocky Mountain PBS I-News

Vicki Murgach, a shift manager at Northern Lights Cannabis Company, Edgewater, holds a container of marijuana for a customer to smell .

 

Sales of legal and medical pot in the state continue to grow, according to the latest figures from the Colorado Department of Revenue.

A record July and banner year-to-date 2016 mean that the state is collecting millions in taxes, too. Through July, the industry has produced nearly $105.8 million in taxes and fees put toward state funds such as educational capital construction grants and health programs.

But one Colorado school superintendent, Cherry Creek’s Harry C. Bull Jr., wrote to parents last month, “So far, the only thing that the legalization of marijuana has brought to our schools has been marijuana.

As supply of the drug has flooded into the market in Colorado in the past year, prices to consumers have fallen almost fifty percent, according to industry analysts.

 

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