Colorado marijuana sales brought in over $22 million in tax revenue in August.
Data released by the Colorado Department of Revenue shows that the state made $22,861,745 in tax revenue from the legal distribution of marijuana. This is a modest increase over the $22.4 million in taxes made in July, and the $22.1 million made in June. However, it does fall short of the $24,323,079 made in April, the high so far for the year.
Colorado’s year-to-date marijuana tax total is now $187,515,080. The total since the start of legal sales in 2014 is $2,531,551,769.
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.
Earlier this month Colorado Governor Jared Polis sent a letter to President Biden declaring support for the Department of Health’s recent request to the DEA to reschedule marijuana to schedule III. Placing marijuana in schedule III would not legalize it for recreational use, but would allow it to be prescribed nationwide.
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