Legal marijuana sales in Colorado garnered the state over $23 million in tax revenue in August alone.
Data compiled and released by the Colorado Department of Revenue shows that the state made $21,653,062.79 in taxes from marijuana sales in August, in addition to $1,428,958.52 in licenses and fees. Combined, the state made $23,082,021.31.
The year-to-date tax revenue made from marijuana sales in Colorado is now $173,986,426. All-time marijuana tax revenue (since January 2014) is $2,792,144,158 .
Of the $23 million in marijuana taxes made in August, 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, becoming the first state to do so alongside Washington. The law allows those 21 and older to legally possess and cultivate marijuana for personal use. Licensed retail outlets began selling marijuana in 2014. Retail marijuana is subject to a 15% sales tax on retail sales and a 15% excise tax on the first transfer of marijuana from a wholesaler to a processor or retailer, in addition to the state’s 2.9% 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 is still subject to the 2.9% statewide sales tax.
A statewide survey of registered Colorado voters conducted by Public Policy Polling found that 71% of voters believe marijuana should be legal for adults, similar to alcohol, while fewer than one in four (23%) think it should be illegal. Support for legalization has grown by 16% since it was passed by voters in 2012.
For a month-to-month breakdown of Colorado’s marijuana tax revenue, click here.
