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Social sales in Colorado reach record breaking $100 million in July

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Social sales in Colorado reach record breaking $100 million in July

Logan Lowrey-Rasmussen

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Colorado broke another record in the social cannabis industry as monthly sales surpassed $100 million in July for the first time since legalization.

The state broke records for hitting $100 million per month in combined social and medical cannabis sales in March, but this was the first time social cannabis sales alone increased from $88.4 million per month to $100 million per month.

Tax data showed Colorado cannabis dispensaries sold $137 million in cannabis products monthly, which came from $101.1 million in social sales and $35.8 million in medical cannabis sales during the month of July. The combined monthly gross set a new monthly record at $136.9 million with the previous being $131.69 million in March.

The July report reflected a new taxing structure for social cannabis when the cannabis special sales tax rate increased to 15 percent from 10 percent. The state exempted social cannabis products from the 2.9 percent state sales tax rate.

 

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Social sales in Colorado reach record breaking $100 million in July