There was over $1.5 billion worth of legal marijuana sold in Colorado throughout 2023.
In total licensed marijuana retail outlets sold around $1.52 billion in marijuana last year. The top month for marijuana sales was March, with $139 million in sales. This was followed by July with $137 million and August with $132 million.
The $1.5 billion in sales for 2023 resulted in over $270 million in tax revenue for the state, while the $15.5 billion in lifetime sales has garnered the state $2.6 billion in taxes. This is according to data released by the Colorado Department of Revenue.
A little less than 10% of the total marijuana sales for the year ($160 million) was purchased by medical marijuana patients, while the rest was purchased by recreational consumers.
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.
