Marijuana Moment: Colorado Earned $423 Million In Marijuana Tax Revenue Last Year

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More than $12 billion in marijuana has been sold since legalization in 2014, with the state collecting over $2 billion in taxes.

By Robert Davis, The Center Square

Colorado brought in a record $423 million in tax revenue from marijuana sales last year, according to the latest market report from the state’s Department of Revenue (DOR).

In all, Colorado has sold more than $2 billion in marijuana through November 2021, making it the second consecutive year that the state has eclipsed that mark. In 2020, the state collected $387 million in taxes from the sales.

Colorado’s tax revenue total also implies that the state beat its previous record of $2.1 billion in sales, though DOR said it will release the final numbers next month.

More than $12 billion in marijuana has been sold since legalization in 2014, with the state collecting over $2 billion in taxes.

New record alert! In 2021, Colorado collected over $423 million in revenue from marijuana sales (compared to the previous record of over $387 million in 2020). Colorado also surpassed $2B in tax and fee revenue and $12B in marijuana sales to date. https://t.co/M5zrEiSNYR pic.twitter.com/XxpZzyV1XQ

— CO Dept. of Revenue (@CO_Revenue) January 12, 2022

Colorado collects its marijuana taxes from a 2.9 percent state sales tax on marijuana sold in stores, a 15percent state retail marijuana sales tax and a 15 percent retail marijuana excise tax on wholesale sales and transfers of marijuana. The state also collects fee revenue from marijuana license and application fees.

In December, Colorado collected more than $30 million in taxes, capping off a five-month streak of declining tax revenue.

The state also recorded more than $158 million in sales in November, with both medical and recreational marijuana showing significant declines in sales.

Colorado sold $131 million in recreational marijuana in November, an 11 percent drop when compared to October.

Similarly, November’s medical marijuana sales totaled $26 million, representing a drop of more than 10 percent on a month-over-month basis.

The story was first published by The Center Square.

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