For the sixth time this year, monthly marijuana tax revenue in Colorado was a little over $22 million.
In total the state garnered $22,125,036 in taxes from the legal distribution of marijuana and marijuana products, according to the Colorado Department of Revenue. This is on par with the $22.7 million sold in October and the $22.6 million sold in September. The high point for the year came in April (perhaps unsurprisingly), with $25.1 million.
Colorado’s year-to-date revenue for marijuana taxes is now $247 million. The total since the start of legal sales in 2014 is $2,599,068,573.
Of the $22.1 million in marijuana taxes made in November, a large majority (75%) came from the state’s retail marijuana sales tax, with 19% coming from the retail marijuana excise tax.
Colorado legalized recreational marijuana in 2012, allowing those 21 and older to legally possess and cultivate marijuana for personal use. Licensed marijuana retail outlets opened in 2014.
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.
More data on Colorado marijuana tax revenue can be found by clicking here.
According to the Marijuana Enforcement Division, licensed marijuana retail outlets had a 99% success rate during a string of recent underage sales checks.
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