Colorado made well over $20 million in tax revenue from legal marijuana sales in February.
Colorado made $22,002,884 in taxes from the licensed distribution of marijuana, according to data compiled and released by the Colorado Department of Revenue. This marks a slight increase over the $21.5 million sold in January, despite February have two fewer days.
The yearly total for marijuana taxes in Colorado is now $43,549,755, while all-time tax revenue is now at $2,661,707,488
Of the $22 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.
