Cannabis Taxes Are A Boon for Colorado’s Government’s Coffers
Cannabis Taxes Are A Boon for Colorado’s Government’s Coffers
- In three years of Colorado’s legalized adult use cannabis, the state has collected over $236 million combined from its 2.9% sales tax and 10% retail tax.
- Denver leads the state in cannabis revenues, having raised nearly $88 million from adult use sales — more than the $80.5 million raised by the next five highest-earning counties together.
- The significantly higher revenue in Denver reflects its much greater density of cannabis businesses compared to other counties in the state.
- Recognizing how cannabis taxes help address Colorado’s budgetary shortfall, lawmakers increased the retail marijuana tax to 15% effective July 1, which will expand the revenues earned from the state’s booming industry.
