Colorado’s marijuana industry sold enough product in May for the state to garner $22,956,910 in tax revenue.
The nearly made $23 million in marijuana taxes made in May is a roughly 8% decrease from the $25,128,221 in marijuana taxes Colorado made in April, according to the Colorado Department of Revenue. However, it’s on par with the $23.1 million made in March.
Colorado’s year-to-date marijuana tax total is now just about $120 million. The total since the start of legal sales in 2014 is $2.4 billion.
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.
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.
Earlier this month Governor Jared Polis signed legislation into law that prevents a denial of professional licenses and certifications based solely on a civil or criminal judgement regarding the consumption, possession, cultivation, or processing of marijuana.
