The Cannabis Catch-Up: Colorado’s Weed Tax Revenue Surpasses $1 Billion

Since 2014, when Colorado allowed its first legal cannabis sales, the state has raked in more than $1 billion in tax revenue. Yes, that’s billion, with nine zeros: $1,000,000,000. Weed in Colorado is.

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Those sales generated about $70 million in tax revenue – $25 million of which goes to the state’s schools, according to the Associated Press. Nevada’s legal cannabis marketplace opened July 1, 2017.

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DENVER (CBS4) – Marijuana revenue in Colorado has surpassed $1 billion since it sales started five years ago. There are three sales taxes the state obtains from marijuana products: a 2.9% sales tax.

 · We mapped out the status of cannabis legalization across the U.S., and looked deeper into a few states with disparate approaches to pot. Weed Map: Status of Pot Legalization Across America.

Data compiled by the state’s Liquor and Cannabis Board reports that legal sales have now yielded over $275 million in tax revenue. Last month, state-licensed marijuana sales in washington totaled 1 million – the highest monthly total yet reported by the Board. In Colorado, retail sales of cannabis have totaled over $1.1 billion in the past 18 months.

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 · Colorado surpasses last year’s marijuana revenue with two months still to go. Tax collections jumped 12.7 percent or about $23.1 million from September to October. The jump pushed the state over the 3.6 million collected last year. From January through September 2017, Colorado’s cannabis companies did $1.16 billion in sales, according to an estimate from The Cannabist.

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Within just two years, it’s doubled that number. “The cannabis industry in Colorado is thriving – the state has reached $1 billion in marijuana tax revenue,” Colorado Gov. Jared Polis said via Twitter.

Taxes from cannabis sales in Colorado go toward the state’s general fund, as well as education and healthcare, including mental health services and youth prevention programs. This video, "Colorado.

Colorado surpasses $1 billion in marijuana tax revenue. June 12, 2019 blogger Colorado News, marijuana, marijuana taxes, Medicial Marijuana, News, Stop Smoking Marijuana, stop smoking pot, taxes, weed, withdrawal