In July Colorado garnered over $23 million in taxes and fees from the legal marijuana industry.
According to the Colorado Department of Revenue the state made $22,399,914 in tax revenue from the legal distribution of marijuana and marijuana products in July. This is in addition to the $843,850 in fees the state earned during the same period, bringing the combined total to $23,243,765.
This marks a roughly $1 million increase from the $22,124,218 in taxes and fees the state made in June, and $300k more than the $22.9 million made in May.
Colorado’s year-to-date marijuana tax total is now just shy of $165 million. The total since the start of legal sales in 2014 is over $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.
More data on Colorado marijuana tax revenue can be found by clicking here.
