DENVER — According to news reports, data released this week by the city of Denver shows tax revenue from legal marijuana sales has generated more than half a billion dollars for the city since 2010. The news comes less than a couple weeks after the Colorado Department of Revenue announced state marijuana tax revenue has exceeded $2.5 billion.
From 2010 to August 2023, regulated cannabis businesses conducted about $5.7 billion in legal sales of adult-use and medical marijuana, producing $501,538,144 in local tax revenue. The revenue has been used to support affordable housing ($61.7 million), homelessness services ($30 million), education ($27 million), small business investment ($10 million), and opioid intervention ($4 million).
“Colorado’s cannabis industry has fulfilled legalization’s promise of substantial tax revenue for our state and local communities,” said Chuck Smith, president of the board of directors at Colorado Leads. “These businesses are not only generating revenue, but also creating jobs, utilizing the products and services of other local businesses, and making charitable contributions to a wide range of local causes.”
Earlier this month, Colorado Leads hosted a golf tournament that raised thousands of dollars for the Denver Assessment, Intake, and Diversion (AID) Center, a crucial connection point to comprehensive community and systems-based services for justice-involved individuals and others.
“While our economic impacts tend to grab the headlines, we are most proud of our industry’s commitment to regulatory compliance and enhancing public safety,” Smith said. “Regulated marijuana businesses ensure adults who choose to consume cannabis can purchase it safely and legally. They also take great care to prevent cannabis from being sold to minors.”
Late last week, the Colorado Department of Revenue’s Marijuana Enforcement Division announced the compliance rate for underage sales checks reached a record high 99% in 2022.
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New Member Spotlight: DŌSD Edibles
/in Uncategorized /by AdminWe are excited to welcome DŌSD Edibles to Colorado Leads!
DŌSD Edibles is a leading Colorado cannabis product manufacturer that combines nano-molecular technology with high-quality ingredients to produce the ultimate edible experience. Its current product offerings include multiple award-winning Nano Bite gummies infused with water-soluble cannabinoids for increased bioavailability and a quicker onset compared to traditional edibles.
Colorado Leads member companies include a wide range of licensed cannabis operators and ancillary businesses, and we encourage any organization or individual who shares our vision and mission to consider joining. Visit the Membership section to learn more.
New Member Spotlight: AlphaRoot
/in Members, Uncategorized /by AdminWe are excited to welcome AlphaRoot to Colorado Leads!
AlphaRoot is a full-service insurance brokerage that focuses exclusively in the cannabis, hemp, CBD, holistic medicine and psychedelic industries. It works with companies across the entire supply chain, from seed to sale, as well as ancillary and capital providers. The AlphaRoot team is heavily invested in these industries, and its goal is to help companies scale to propel them forward.
Colorado Leads member companies include a wide range of licensed cannabis operators and ancillary businesses, and we encourage any organization or individual who shares our vision and mission to consider joining. Visit the Membership section to learn more.
Denver Marijuana Tax Revenue Exceeds Half a Billion Dollars
/in Local, Media, Tax, Uncategorized /by AdminDENVER — According to news reports, data released this week by the city of Denver shows tax revenue from legal marijuana sales has generated more than half a billion dollars for the city since 2010. The news comes less than a couple weeks after the Colorado Department of Revenue announced state marijuana tax revenue has exceeded $2.5 billion.
From 2010 to August 2023, regulated cannabis businesses conducted about $5.7 billion in legal sales of adult-use and medical marijuana, producing $501,538,144 in local tax revenue. The revenue has been used to support affordable housing ($61.7 million), homelessness services ($30 million), education ($27 million), small business investment ($10 million), and opioid intervention ($4 million).
“Colorado’s cannabis industry has fulfilled legalization’s promise of substantial tax revenue for our state and local communities,” said Chuck Smith, president of the board of directors at Colorado Leads. “These businesses are not only generating revenue, but also creating jobs, utilizing the products and services of other local businesses, and making charitable contributions to a wide range of local causes.”
Earlier this month, Colorado Leads hosted a golf tournament that raised thousands of dollars for the Denver Assessment, Intake, and Diversion (AID) Center, a crucial connection point to comprehensive community and systems-based services for justice-involved individuals and others.
“While our economic impacts tend to grab the headlines, we are most proud of our industry’s commitment to regulatory compliance and enhancing public safety,” Smith said. “Regulated marijuana businesses ensure adults who choose to consume cannabis can purchase it safely and legally. They also take great care to prevent cannabis from being sold to minors.”
Late last week, the Colorado Department of Revenue’s Marijuana Enforcement Division announced the compliance rate for underage sales checks reached a record high 99% in 2022.
Colorado Underage Marijuana Sales Compliance Reaches Record High 99%
/in Safety, Uncategorized, Youth /by AdminThe Colorado Department of Revenue’s Marijuana Enforcement Division announced this week that the compliance rate for underage sales checks reached a record high 99% in 2022.
Marijuana Moment reports:
Colorado marijuana regulators announced this week that out of 285 underage sales checks conducted at state-licensed cannabis stores this year, there have been only four failures—a compliance rate of about 99 percent.
“While any failure is unacceptable,” the Colorado Department of Revenue’s Marijuana Enforcement Division (MED) said in the latest issue of its quarterly In the Weeds newsletter on Monday, “we’re pleased to report this very high compliance rate which is on par with the compliance percentage from 2022.”
While compliance rates reached a record high last year, they have long been in line (or often better) than compliance rates for alcohol and tobacco sellers. This may be one reason why rates of teen cannabis use have not increased — and even declined — since Colorado legalized cannabis for adults back in 2012.
Colorado Surpasses $15 Billion in Legal Marijuana Sales, $2.5 Billion in Tax Revenue
/in Tax, Uncategorized /by AdminMore than $15 billion in regulated marijuana sales have taken place in Colorado, generating more than $2.5 billion in tax revenue, since legal adult sales began in 2014, according to a news release from the Colorado Department of Revenue.
Specifically, the state has seen $15,028,995,376 in total legal sales (medical and adult-use) as of August, producing $2,554,160,551 in state tax revenue as of September. This tax figure does not include the hundreds of millions of dollars produced by local sales taxes and special marijuana taxes collected by local governments.
Hundreds of millions of dollars in state marijuana excise tax revenue has been distributed to the Public School Capital Construction Assistance Fund, which provides funding for school construction projects. Marijuana tax funds have also been allocated to a wide range of other areas, from mental health and treatment services to bullying and dropout prevention programs.
Statement Regarding the U.S. Senate Banking Committee’s Approval of the SAFER Banking Act
/in Banking, Legislation, Uncategorized /by AdminDENVER — Colorado Leads released the following statement in response to the U.S. Senate Banking Committee’s approval of the Safe and Secure Enforcement and Regulation (SAFER) Banking Act.
Statement from Chuck Smith, president of the board of directors for Colorado Leads:
“We applaud the Senate Banking Committee for advancing the SAFER Banking Act. Ensuring state-legal cannabis businesses have adequate access to banking and other financial services is critical to protecting public safety and the safety of cannabis businesses and their employees. It would also help smaller businesses and social equity operators, who are more severely impacted by the lack of loans, banking, and other financial products.
“Legal cannabis businesses need banking and financial services just as much as other legal businesses, and this bill would be a big step toward achieving parity. We hope Congress will work quickly to get this legislation approved and over to the president for his signature.”
Colorado Leads Welcomes Jerrico Perez to the Board of Directors
/in Uncategorized /by AdminJerrico Perez is a partner at Vicente LLP, where she focuses her practice on administrative law, regulatory compliance, and national marijuana business applications. Jerrico assists cannabis business owners and other associated individuals and entities with regulatory, licensing, and compliance issues, and has successfully represented clients in state and local hearings, negotiating and resolving regulatory disciplinary actions, and successfully appealing and seeking judicial review of final agency actions. She has also helped her clients receive licenses in multiple competitive and non-competitive application processes, including Colorado, Ohio, Hawaii, California, Maryland, and Canada. In a constantly-evolving legal landscape, clients look to Jerrico to help them navigate the complex regulations governing the production, manufacture, and distribution of cannabis and cannabis products in the United States and abroad.
As a board member of the National Hispanic Cannabis Council, Jerrico participates on the organization’s legal committee. She has been recognized by her peers in the “Best Lawyers: Ones to Watch” list since 2021 for her work in administrative/regulatory law and in 5280 magazine’s “Denver’s Top Lawyers” list since 2022 for marijuana law.
Statement Regarding Historic Federal Marijuana Rescheduling Recommendation
/in Uncategorized /by AdminColorado Leads released the following statement in response to reports that top U.S. health officials are recommending the Drug Enforcement Administration reclassify cannabis to Schedule III under the Controlled Substances Act. Currently, cannabis is classified under Schedule I, which is reserved for the most dangerous substances that have no medical value and high potential for abuse.
Statement from Chuck Smith, president of the board of directors for Colorado Leads:
“The HHS rescheduling recommendation marks a historic step toward federal cannabis policy reform. For over a decade, Colorado has been demonstrating states’ ability to effectively regulate cannabis for medical and broader adult use, and it’s time for federal law to reflect that reality. State-legal cannabis businesses that create jobs, pay taxes, and provide adults and medical patients with safe and legal access to cannabis deserve to be treated fairly, and this would be a big step in that direction.
“While descheduling would more comprehensively roll back federal prohibition, rescheduling to Schedule III represents meaningful progress that carries significant benefits. It would greatly alleviate the unfair federal tax burden and lack of access to banking and financial services that cannabis businesses have shouldered for years. It would also remove barriers to research that have long prevented us from fully understanding the plant and all of its medical benefits. When it comes to addressing the wide range of criminal justice implications associated with prohibition, Schedule III does not go nearly far enough. But it would help pave the way for those important reforms and reduce the scope of criminal liability that Americans currently face when operating or working for state-legal cannabis companies.”
Statement on the Passage of SB23-271 Regarding Regulation of Intoxicating Hemp-derived Cannabinoids
/in Hemp, Legislation, Uncategorized /by AdminColorado Leads released the following statement on SB23-271 regarding “Intoxicating Cannabinoid Hemp and Marijuana.” The bill prohibits intoxicating hemp-derived products from the Colorado market and clarifies that only marijuana and marijuana-derived products can be intoxicating. It allows for some hemp products to contain THC, with limits on potency, package size, and sales, which will be regulated by the Colorado Department of Public Health and Environment.
Statement from Chuck Smith, president of the board of directors for Colorado Leads:
“SB23-271 is a product of the stakeholder engagement process that characterizes Colorado’s cannabis policymaking process and has been critical to its success. It prohibits products that are potentially dangerous, while allowing for continued research and development of hemp-derived cannabinoids and products. Most importantly, it prioritizes product safety and regulatory compliance, which are cornerstones of the regulated cannabis industry. Creating a clear line between intoxicating and non-intoxicating products will ensure consumers know what they’re getting and how it will affect them. It will also prevent people under the age of 21 from accessing products with potentially intoxicating levels of THC.
“The regulation of intoxicating hemp-derived cannabinoids is a major policy issue that many states will be grappling with for years to come. By passing SB23-271, Colorado has once again established itself as a national leader on the complex issues facing the legal cannabis industry. In addition to setting an example for other states, it will help drive forward important conversations taking place at the federal level.”
New Member Spotlight: Metrc LLC
/in Uncategorized /by AdminWe are excited to welcome Metrc to Colorado Leads!
Metrc LLC is the most trusted and experienced provider of cannabis regulatory systems in the United States. Its solution combines advanced software, radio-frequency identification (RFID) technology, a dedicated customer-support team, and a secure database to track and trace cannabis from growth, harvest, and processing to testing, transport, and sale. Governments contracting with Metrc receive an off-the-shelf software-as-a-service (SaaS) system configured specifically to their needs, and the company’s cloud-based tracking software and securely encoded RFID-enabled tags give regulators full supply-chain visibility. Metrc also provides data management, reporting services, third-party integrator support, cloud hosting, technical updates, along with training and support for users in government and industry.
Colorado Leads member companies include a wide range of licensed cannabis operators and ancillary businesses, and we encourage any organization or individual who shares our vision and mission to consider joining. Visit the Membership section to learn more.