It’s a new year, but Colorado continues to garner tens of millions of dollars in marijuana taxes each month.
Data released by the Colorado Department of Revenue shows that the state made $21,546,871 in marijuana tax revenue in January, from nearly $120 million in sales. This brings the all-time tax revenue for legal marijuana sales to $2,639,704,603, with total sales passing $15.6 billion.
Of the $22.5 million in marijuana taxes made in January, around 75% came from the state’s retail marijuana sales tax, with around 20% coming from the retail marijuana excise tax. The remaining 5% came from the states sales tax.
Colorado legalized recreational marijuana in 2012, tying Washington as the first to do so. The law allows those who are at least 21 years old to legally possess and cultivate marijuana for personal use. Licensed marijuana retail outlets opened in 2014.
Under the law 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.
For a month-to-month breakdown of Colorado’s marijuana tax revenue, click here.
