Legal cannabis is one of the few industries that continued to grow in 2020 despite the economic collapse triggered by COVID-19.
Denver is thriving and one of the strongest markets in the U.S. A new report from the City of Denver shows that cannabis sales hit a record $715 million in 2020, up 21% from record sales in 2019. That created tax revenue of $70 million for the city of Denver – a windfall for local politicians.
The Agriculture Improvement Act of 2018 (the 2018 Farm Bill) has officially been signed into law. One of the major components of this legislation of industrial hemp. This blog post will mainly focus on what the tax implications of this legalization and contrast tax differences of a federal legal hemp business versus a federally illegal business subject to section 280E. Continue reading “The 2018 Farm Bill – What it Means for Hemp Farmers’ Tax Bill”→
Colorado’s governor on Monday vetoed a bill to allow marijuana retailers to set up “tasting rooms,” dashing hopes that the state would be the first to adopt a system letting consumers use marijuana in public spaces.
In Colorado, the legal cannabis industry is booming. Since the legalization of recreational marijuana back in 2012, the state has benefited in myriad ways. The government has used the tax revenue from legal pot sales to fund K-12 education and housing development. The rate of opioid-related deaths has decreased. Indeed, the Colorado Chief Medical Officer has stated that there haven’t been any significant issues due to cannabis legalization. And yet, the Colorado cannabis industry seems to be missing something: a marijuana tracking system. Continue reading “Colorado Proposes Marijuana Tracking System In New Bill”→
Voters in multiple parts of Colorado approved new marijuana taxes that will hike prices for consumers in those areas. Eagle County, Colorado is suffering from mental health and substance abuse issues. They’re hoping the new marijuana taxes that were approved will help fund programs that will save the town. However, it still begs the question: Are taxes on legal marijuana getting too high? Continue reading “Parts Of Colorado Approve New Marijuana Taxes”→
According to data from the Colorado Department of Revenue, the Rocky Mountain state sold over $1 billion dollars in cannabis through the first nine months of 2017.
It took the state 10 months to reach the billion dollar mark in 2016. Sales totals through the first nine months of this year have reached a total of about $1.1 billion—the highest amount of total sales to date in the country.
When comparing the data to last year, through 9 months of sales Leafly found that Colorado totaled $942 million, with the totals in 2017 so far showing there was over a $100 million dollar increase in sales from the same time period, totaling $1,118,207,832.87 in sales.
Remember how we told you all that Colorado was banning weed gummy bears? Well, that new piece of cannabis legislation goes into effect this weekend. If you’re not sure what we’re talking about, or if you thought all of this talk about banning weed-infused candy was just rumor and hoax, we are about to fill you in.