COLORADO SPRINGS, Colo. (KKTV) – Today marks a new chapter for Colorado Springs as the city officially begins recreational marijuana sales, following voter approval of the initiative last November.
Upon last checking Tuesday at 5 p.m., 32 licensed dispensaries were set to serve 21+ adult consumers. The city is optimistic that the move will generate up to $2 million in new sales tax revenue during its first year, thanks to a 5% tax on retail sales.
State data shows that since 2014, recreational cannabis sales across Colorado have generated more than $2.9 billion in tax revenue, funding a wide range of public services. The state data also shows that since 2014, Colorado has made more than $16.9 billion in marijuana sales.
City officials say the infusion of new revenue will help support local programs such as public safety, homeless outreach, and mental health treatment for veterans.
Local industry leaders have also expressed optimism about the launch. Troy Vanorden, the Owner of Elevations dispensary, explained his excitement for this new market. In his words, “Ever since Covid, we had a little Covid boom [of customers] there for a while, and ever since then we just been dropping off steady for the last couple of years. So, it’s exciting to be able to service the whole market down here in Colorado Springs.”
Another local voice of enthusiasm comes from Tim Reeve, the Associate Director of Sales Operation at Native Roots. He says, “I mean, we think it’s great. It’s gonna help the city, the tax money. We already do things that way as a company. We’re very involved in our communities and outreach and whatnot. So the more money that can go to help the citizens of Colorado Springs the better.”
The economic benefits extend beyond Colorado Springs. In nearby communities such as Manitou Springs and Palmer Lake, retail cannabis has already made a noticeable impact on local budgets. While Manitou Springs is legally prevented from disclosing exact sales tax figures due to state law, officials note that marijuana tax revenue, reported in a general “other” category, has contributed to municipal services.
Palmer Lake, a smaller town, has also reaped considerable benefits. 11 News reached out to Palmer Lake city officials, however, we haven’t heard back from them yet. However, recent reports indicate significant revenue increases that have helped fund local public safety and community events.
As recreational sales kick off today, dispensaries throughout the city are busy stocking shelves, training staff, and preparing to welcome customers. The new market is expected to ramp up gradually, with early sales data being closely watched by local officials and business owners alike.
For ongoing updates on sales figures and the economic impact of Colorado’s evolving cannabis market, visit the Colorado Department of Revenue’s Marijuana Sales Reports and Marijuana Tax Reports.
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