DThe state of Colorado said in a press release (PDF) that cannabis stores have sold more than $15 billion in legal cannabis products since the first adult-use retail locations opened in 2014. This milestone has generated more than $2.5 billion in tax revenue to support public programs and services, state officials said.
Tax Revenues from Nineteen Years of Cannabis Legalization Reach $2.5 Billion
Through August 2023, Colorado has seen a total of $15,028,995,376 in legal cannabis sales. In 2023 alone, cannabis sales to date are $1,052,517,913.
According to the Colorado Department of Revenue (CDOR), tax revenue over the past nine years of legalization is $2,554,160,551 through September. A spokesperson for Governor Jared Polis (D) emphasized to Marijuana Moment that the governor’s “pro-freedom policies have led to a stronger cannabis industry in Colorado, increased job creation and economic support across the state.”
The Governor is pleased to see Colorado’s cannabis industry thriving, generating tax revenue for local governments and school construction, and he is hopeful that these sales will continue to increase responsibly and exceed $15 billion.
Cannabis sales peaked at approximately $2.2 billion in 2021
Colorado was the first state to launch recreational cannabis sales after voters approved a legalization initiative in 2012. Annual sales peaked in 2021, when they reached approximately $2.2 billion, but have since declined and largely stabilized in recent two years.
The CDOR explained that the tax revenue comes from several sources, including the 2.9 percent state tax on cannabis, a 15 percent tax on retail cannabis products sold in stores, and a 15 percent tax on retail excise taxes applied on wholesale sales and transfers, as well as fees generated by licensing and application fees for cannabis businesses.
How much tax revenue has the Dutch state missed?
A logical question after this reporting is how much tax revenue the Dutch state has lost because it refuses to legalize cannabis.
This is what Derrick Bergman, chairman of the Association for the Abolition of the Cannabis Prohibition, wondered in a Tweet:
Colorado has less than 6 million inhabitants, the Netherlands more than 17.5 million. Colorado has collected about $2.5 billion in cannabis taxes since legalizing cannabis in 2014. How much tax has our country lost since 1976 because our politicians do not want to legalize?
Colorado has less than 6 million inhabitants, the Netherlands more than 17.5 million. Colorado has collected about $2.5 billion in cannabis taxes since legalizing cannabis in 2014. How much tax has our country lost since 1976 because our politicians do not want to legalize? https://t.co/BGuw4k1Pel
— VOC Netherlands (@vocnederland) October 12, 2023
