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InvisibleveggieM

Registered: 07/25/04
Posts: 17,538
[CO] Boulder marijuana sales tax revenues hit record high
    #13365779 - 10/21/10 09:39 AM (13 years, 6 months ago)

Boulder marijuana sales tax revenues hit record high
October 21, 2010 - Daily Camera

Boulder's medical marijuana industry continues to boom, with dispensaries and greenhouses recently posting their highest sales since the city began issuing sales tax licenses for the drug last year.

According to the city's latest tally, businesses related to medical marijuana accounted for $54,589 in sales tax during the month of August -- the highest single-month collection from the industry.

The August taxes represent about $1.6 million worth of medicinal marijuana sales.

So far this year, medical marijuana businesses have contributed a total of $314,862 to the city's coffers, representing about $9.23 million worth of product.

Boulder collected about $74,000 from the industry in 2009. The city began issuing sales tax licenses to dispensaries in October last year.

Bob Eichem, Boulder's finance director, said the city anticipated tax revenue from medical marijuana this year would fall somewhere between $300,000 and $500,000.

"It looks like we're not going to be too far off," Eichem said. "We've got four more months to go, so it's possible we're going to be close to that $400,000 to $500,000."

On the high end of the estimates, Boulder's marijuana sales would have to top $14.6 million by the end of the year.

Because the city expected the new revenue, Eichem said it hasn't been considered a "windfall" for the cash-strapped city.

But while the marijuana industry accounts only for only 0.5 percent of the city's annual tax collections, without it the city would have had to cut an equivalent amount from this year's budget, he said.

That means the city is "very glad" to have the extra cash, Eichem said.

Alex Douglas, dispensary manager at the North Boulder Wellness Center, 1495 Yarmouth Ave., said the numbers should help convince people that medical marijuana is a legitimate business that's here to stay.

"I think the fact that there's such a record amount of tax being collected ... shows how valid this industry is and really creates a revenue that helps the city," he said. "It really shows that this business is going to be here for awhile."

He said medical marijuana businesses have been insulated from the effects of the national recession, and places like Boulder should welcome the extra money.

But it's unclear whether the trend will continue in 2011.

New regulations from both the state and the city have pressured some dispensary owners out of the industry in the last year, due to requirements such as those that forbid convicted felons from running a medical pot shop or licensing fees that can reach tens of thousands of dollars.

In Boulder, all marijuana businesses are required to submit applications for a medical marijuana business license by Nov. 1.

The city extended the deadline for dispensary owners to turn in the extensive application packets, saying confusion over the process led to mostly incomplete or inaccurate information.

Sarah Huntley, a spokeswoman for the city, said Wednesday that 50 applications for operating licenses have been turned in so far.

"We are seeing some improvements in the applications," she said. "People are definitely trying to provide more complete applications than they were in the past."

Still, only a handful of applications have made it past the initial review, she said, and none has been approved.

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