Revenue Includes More Than $35 Million for School Construction Projects
Total revenue raised from 2015 surpassed original projections and far exceeded the costs associated with regulating the system
Colorado’s regulated marijuana system generated more than $135 million in revenue for the state in 2015, including more than $35 million for school construction projects, according to the Colorado Department of Revenue.
There were just under $588 million in adult-use marijuana sales in Colorado from January-December 2015, producing approximately $109.1 million in tax revenue in addition to $4.7 million in license and application fees. The state’s regulated medical marijuana system produced more than $11.4 million in tax revenue and $9.8 million in license and application fees.
In 2014, the state’s regulated marijuana system raised just over $76.1 million in total revenue, including about $56.2 million from adult-use marijuana tax revenue and fees and $19.9 million in medical marijuana tax revenue and fees.
“There are hundreds of millions of dollars in marijuana sales taking place in every state,” said Mason Tvert, the Denver-based director of communications for the Marijuana Policy Project (MPP). “Colorado is one of the few where those sales are being conducted by licensed, taxpaying businesses.”
Adult-use marijuana sales in Colorado are subject to the state’s standard 2.9 percent sales tax, plus a 10 percent special state sales tax. Additionally, wholesale transfers of adult-use marijuana are subject to a 15 percent state excise tax.