According to new data from the Colorado Department of Revenue, the state garnered over $23 million in taxes from marijuana sales last month.
In total the state made $23,352,041 in taxes from marijuana and marijuana products sold legally within the state in January. This brings the total since the beginning of legal marijuana sales in 2014 to $2,366,388,730.
In Colorado the excise tax on marijuana is set at 15%, which is on top of the 2.9% standard statewide sales tax. In addition to these taxes, localities have the option of implementing a city-wide tax of up to 3%. Colorado garnered $325 million in marijuana taxes in 2022 from $1.8 billion in marijuana sales.
Although the numbers for last month were lower than the numbers for January 2020 through 2022, they are higher than every year prior
Colorado was one of the first two states to legalize marijuana with the passage of a 2012 citizen’s initiative. Although marijuana possession became legal the following year, the first marijuana stores didn’t begin opening until 2014.
