Colorado garnered over $22 million in taxes and fees from the legal marijuana industry in June.
According to the Colorado Department of Revenue, Colorado made $21,157,517 in tax revenue from the legal distribution of around $120 million worth of marijuana and marijuana products. The state made another $966,702 from marijuana fees, bringing the total revenue generated to $22,124,218. This is a slight increase from the $22.9 million made in May.
Colorado’s year-to-date marijuana tax total is now nearing $150 million. The total since the start of legal sales in 2014 is roughly $2.5 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.
