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Aurora Rec Center Opens its Door, Fully Funded by Colorado Cannabis Dollars

On January 24th, the 77,000 square foot Southeast Recreation Center and Fieldhouse had its ribbon cutting in Aurora. The facility, funded entirely by cannabis tax dollars, includes a gymnasium, professional grade turf, a fitness area, track, swimming pool and more. This is a great example of legal cannabis dollars being used to benefit a community. Ensuring that the cannabis industry can continue to operate in Colorado is critical to supporting local needs.

                      Credit City of Aurora

MIG Member Silver Stem Helps Raise $21,000 for Ukrainian Children

Credit Fox News

Over the holiday season, MIG member Silver Stem, partnered with Ukraine Aid Fund to provide some holiday magic for some special kids. Ukraine Aid Fund sought money to bring 14 Ukrainian children whose parents have been killed or are missing in action on the frontlines to Colorado for two weeks of fun. Silver Stem matched all donations and raised more than $21,000. The children, who arrived on February 1st, went tubing in Frisco, visited Meow Wolf, and even attended a Nuggets game.

Small Businesses Continue to Struggle with Falling Sales, Risking Jobs and Resulting in a $100 Million Decrease in Tax Revenue for 2022

For more than a year, Colorado cannabis sales have been on the decline, and at the end of last year, we hit a grim milestone – in 2022, the state collected nearly $100 million less in tax revenue than in 2021. That means less revenue for many of the public programs our industry helps fund, like homelessness services, mental health support, public schools, and so much more.

Our members have seen firsthand how costly regulations and ever-increasing taxes have raised the cost of doing business far beyond what many small businesses can withstand. In some cities in Colorado, the effective cannabis sales tax rate is over 25% on top of an excise tax rate of 15%. This does not even include a brutal federal tax rate which is effectively 70% due to dated regulations.

The Colorado Department of Revenue recorded $130 million in marijuana sales for November (the most recent sales data), down nearly 22% from November 2021 when sales reached $158 million. Medical sales, in particular, have been taking a hit, dropping 39% in November 2022 compared with November 2021. These medical sales numbers are consistent with what we’ve been hearing from cannabis patients – that financial and regulatory challenges dealing with the state’s medical marijuana program are forcing patients back to the unregulated market to get the care they need. A recent bill sought to expand access to patient care died in committee last week.

In addition to the critical state programs that rely on cannabis tax revenue, our industry directly employs more than 43,000 Coloradans. The writing is on the wall: if we don’t act now to protect this critical Colorado industry, that funding stream, those jobs, and the medicine that many rely on are at risk. That’s why, at MIG, we’re doing everything we can to help our businesses and communities thrive. This means no more tax increases to fund pet projects. Furthermore we oppose any regulations that don’t provide tangible health or safety benefits. The future of the country’s first legal cannabis industry depends on lawmakers thoughtfully shaping policies as we go forward.

Want to learn more about where the cannabis tax dollars are going and where they come from? Check out our Following the Green Fact Sheet.

The Unregulated Flow of Intoxicating Hemp Threatens Public Safety

While regulated cannabis sales are hitting record lows, online hemp producers continue to sell highly intoxicating products with no significant health and safety regulations and no ID requirements to verify the age of the consumer. For example, any consumer of any age can purchase a “Dank Rope” that resembles a popular child’s candy containing 1000 milligrams of Delta-8 THC– 100 times the legal limit in Colorado for Delta-9 edible THC products. The unregulated hemp industry is putting our families and communities at risk, all while reporting sales upwards of $500 million in 2022.

According to the FDA, more than 100 reports of adverse health events related to hemp intoxicants were reported in just 14 months. Over 20 states have already created regulations to prevent the sale of intoxicating hemp to youth. A recent opinion piece in the Journal of the American Medical Association called out the dangers of unregulated hemp-derived cannabis products, calling their regulation “a public health priority”.

Since July, the Intoxicating Hemp Task Force created by Senate Bill 22-205 has been meeting to create recommendations for regulations to the State Legislature regarding intoxicating hemp products. At the beginning of the year, the task force released its report. The report is a good start, but fell short on some critical public safety measures. MIG is recommending policies that limit the total amount of THC per package and create a much lower limit on THC levels per serving. Now is the time for the State Legislature to act to level the playing field for businesses and protect our communities.

What the 2023 Legislative Session could bring for Colorado cannabis businesses

In addition to placing critical guardrails around the sale of hemp intoxicants, Colorado lawmakers are considering an array of policies that could impact the state’s cannabis industry. From protecting the rights of cannabis patients to allowing more flexibility with online payments, lawmakers have the opportunity to help marijuana businesses modernize and remove unnecessary red tape in order to help our industry thrive.

At the same time, misguided and recurring attempts to set potency limits are a serious threat. Our top priority has always been the health and safety of kids, our consumers and our communities, as evidenced by our 98% compliance rate for preventing youth access. We have always worked with enforcement agencies to create smart, effective regulations.

Imposing a potency limit would reduce access to medicine that many patients and veterans rely on while simultaneously driving business back to the illicit market.

MIG In The News

• 'Sales plummet' for recreational and medical marijuana
• Applicants, residents urge city to speed up marijuana licensing
• Marijuana Tax Revenue Fell Nearly 24 Percent in 2022
• Six Pressing Marijuana Issues at the State Legislature
• Recreational cannabis revenue in Colorado has been down for a year
• Drop in marijuana price squeezes growers in Colorado
• Congress Passed a Marijuana Research Bill, but This Colorado Lab Has Already Started
• Ten Years Later, Cannabis Still Isn't Regulated Like Alcohol
• Retail Marijuana Gets the Green Light In Cripple Creek
• Annual Marijuana Sales Set to Hit Three-Year Low in 2022