Colorado’s legal marijuana market has generated over $1 billion in revenue so far in 2024.
There was $112,429,698 worth of legal marijuana and marijuana products sold in September in Colorado, bringing the year-to-date total to $1,060,994,048. This is according to data released today by the Colorado Department of Revenue
Of the $112.4 million in marijuana sold legally in September, $100,516,124 was purchased for recreational use, whereas medical marijuana patients purchased $11,913,574 in product. September sales resulted in $20,927,011 in tax revenue.
The total since the start of legal sales over a decade ago now stands at over $16.5 billion. These sales have resulted in roughly $3 billion in tax revenue.
Colorado legalized recreational marijuana in 2012, tying with Washington as the first state 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% state 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.
According to a statewide survey of registered Colorado voters conducted by the Public Policy Polling, 71% of voters believe marijuana should be legal for adults, similar to alcohol, and fewer than one in four (23%) think it should be illegal. Support for legalization is 16% higher than it was when it was passed by voters in 2012.
