Colorado collected nearly $20 million in marijuana tax revenue in February, according to data released by the Colorado Department of Revenue.
The state brought in exactly $19,814,219 from licensed cannabis sales in February, bringing total tax revenue from marijuana to $2,913,811,769 since the start of recreational sales. While February’s total was slightly lower than January’s $20,474,864, the per-day tax revenue in February averaged $707,000, a 7% increase over January’s $660,000 per day.
Colorado legalized cannabis in 2012, tying Washington as the first state to do so. The law allows individuals aged 21 and older to possess up to one ounce of dried cannabis, eight grams of concentrates, and edibles containing up to 800 milligrams of THC. Legal sales officially began in 2014.
Marijuana in Colorado is subject to a 15% retail sales tax for recreational purchases, along with a 15% excise tax on wholesale transfers. Medical marijuana, however, is only taxed at the state’s standard 2.9% sales tax rate. Local jurisdictions can also impose additional taxes of up to 2.9% on retail sales.
