DENVER (AP) — Beginning next year, Colorado will bring in more tax revenue from wholesale deals involving marijuana intended to be sold to consumers after the average prices of those wholesale products rose in the latter part of this year.
The Denver Post reports the Colorado Department of Revenue on Thursday released updated average market rates for marijuana being sold or transferred from retail cultivation centers to recreational pot shops or facilities that make retail products like hash oil and edibles. Those sales and transfers are subject to a 15-percent excise tax.
The rates were calculated based on transactions tracked by the state's marijuana enforcement division between Aug. 1 and Oct. 31. During that time frame, the average price of a pound of marijuana bud rose to $781, up from $759 during the previous reporting period.
Information from: The Denver Post, http://www.denverpost.com