Colorado made $25 million in marijuana taxes in April according to data released today by the Colorado Department of Revenue.
In total Colorado garnered $25,128,221 in tax revenue from the legal marijuana industry in April, an 8.6% increase from the $23.1 million sold in March. The taxes made in April are the most made so far this year. In January the state made $22.3 million, followed by $24.7 million in February.
Colorado’s year-to-date marijuana tax total is $95,333,989. The total since the start of legal sales in 2014 now stands at $2,439,370,678.
In Colorado retail marijuana is subject to a 15% sales tax levied on retail sales, and a 15 % excise tax levied on the first transfer of marijuana from a wholesaler to a processor or retailer. This is in addition to the state’s 2.9% states sales tax, and a local tax of up to 2.9%. Medical marijuana is exempt from the 15% sales tax and 15% excise tax, but not the 2.9% statewide sales tax.
The taxes made in April are lower than the taxes made during the same month in 2021 and 2022, but is higher than every April between 2014 – 2020.
Colorado was one of the first two states to legalize marijuana with the passage of a 2012 citizen’s initiative, alongside Washington State. Although marijuana possession became legal the following year, the first marijuana stores didn’t begin opening until 2014.
