Denver’s Marijuana Revenue Drops 34%, But Cannabis Crime Rates Remain Low
Denver’s latest licensing bulletin reveals a sharp decline in marijuana-related revenue.
According to the report, the city generated $48.1 million from marijuana taxes and licensing fees in 2023, a significant drop from the $72.6 million peak in 2021. This decrease is indicative of a broader downturn facing the legal cannabis industry, exacerbated by oversupply and regulatory pressures.
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The allocation of this revenue reflects Denver’s strategic use of cannabis funds to address critical social issues. In 2023, $7.95 million was directed towards services for the homeless, $7.53 million was allocated for affordable housing and $3.32 million supported youth education programs.