The legal marijuana industry in Colorado brought in well over a quarter of a billion dollars in tax revenue in 2023.
Data released by the Colorado Department of Revenue shows that the state made $19,089,159 in taxes from the legal distribution of marijuana in December. This brings the state’s yearly marijuana tax total to $274,121,043.
Since the start of legal recreational marijuana a decade ago, Colorado has garnered $2,618,157,732 worth of tax revenue from marijuana industry.
The high point for the year in terms of marijuana taxes came in April, with $24,323,079 sold. December’s $19 million actually marks the only time the entire year that monthly marijuana tax revenue was below $20 million
Colorado was one of the first two states to legalize marijuana in 2012. The law allows those 21 and older to possess and cultivation marijuana for personal use, while allowing them to purchase marijuana from licensed retail outlets. 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 underage sales checks late last year.
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