Marijuana Sales Tax Revenues Are on the Up
And now it’s happened three times in a row. For the third consecutive month in Colorado, recreational marijuana sales have reached record highs. Department of Revenue data shows that more than $42.7 million was sold by dispensaries in March, crushing the previous two months (February saw $39.1 million and January $36.4 million).
According to Mason Tvert, legalization advocate and communications director for Marijuana Policy Project, the numbers do add up, and the 2015 rise makes perfect sense as consumers feel more comfortable with the newly regulated market. As people become more familiar with being able to legally purchase pot, they are going so more liberally. An increasing number of businesses have opened doors too, which adds to the reason that sales are going up rather than plateauing.
This is great news for schools, as almost $2.6 million was raised via excise tax on wholesale marijuana that will go towards school construction. Last year, the monthly school-embarked excise tax never went above $2 million in 2014 , whereas this year it has already exceeded $7 million, and that’s just in three months.
Yes, as smoking pot becomes a more normal and accepted activity, dispensaries are not the only places that are seeing great benefit. There are however, some problems being experienced due to the Taxpayer’s Bill of Rights, which demands that newly approved taxes be refunded if overall state revenue is greater than that which was presented to voters in the blue book.
What the Numbers Mean for Cannabis-Friendly Accommodation
Just like Tvert says, these numbers most likely represent a more trusting and relaxed consumer mindset. People are getting used to the fact that weed is legal in certain part of America, and they are spending more and with greater confidence as time goes by.
This is great news for accommodation hosts and cannabis tourism. This new and exciting industry is proving itself now, and the effect of this will snowball into other sectors. Leisure and tourism will be one of the areas that will change as more and more consumers demand the right to use cannabis while they are on vacation.