The city of Denver, Colorado surpassed the half-billion mark for cannabis tax revenue and industry fees this summer, topping $501.5 million in August, Westword reports. The total includes all cannabis-derived tax revenues tracked by Excise & Licenses since 2010, which is when medical cannabis dispensaries began operating in the city. Â
From 2010 to 2013, the city collected $26.2 million from a 3.62% tax on medical cannabis sales and business licensing fees. In 2014, when adult-use dispensaries began operating, the city collected $23.8 million through licensing fees and a 3.5% sales tax. In 2018, the city increased its tax to 5.5% to help fund local affordable housing programs and in 2021 the city saw its record-to-date for tax and fee collections with $72.9 million in revenue, the report says.   Â
According to an Excise & Licenses report earlier this year, outlined by Westword, the 2% increase on cannabis sales taxes for affordable housing provided nearly $38.8 million from late 2018 through 2022, which has helped pay for Denver Department of Housing Stability’s land acquisitions, unit development and production, housing assistance, and supportive housing services. Â
In 2023, local cannabis tax revenues will fund $8 million in homelessness services, according to Excise & Licenses, and more than $8.7 million in affordable housing assistance and nearly $4.4 million in small-business investments, with more than $10 million for youth intervention, legal cannabis industry enforcement, regulator efforts, and public safety campaigns.Â
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