Last week, the Department of Revenue in the state of Colorado released its cannabis sales figures for 2021, which show that the state broke another cannabis sales record last year as state officials reported more than $2.22 billion in marijuana purchases. The state’s 2020 sales record stood at $2.19 billion in cannabis purchases.
These latest figures also show that Colorado took in more than $423 million in tax revenue from adult-use and medical cannabis sales in 2021. Since the retail market was launched almost eight years ago, marijuana sales have surpassed $12 billion.
The department stated that the Cannabis Tax Reports show fee revenue and state tax collected every month as posted in the state’s accounting system. It explained that tax revenue was derived from the 15% state retail cannabis excise tax, which is imposed on transfers of retail cannabis/wholesale sales, the 15% state retail cannabis sales tax that is levied on retail cannabis sold in stores, and the 2.9% state sales tax imposed on cannabis sold in stores. The department also noted that fee revenue came from cannabis license and application fees.
Almost $500 million of marijuana tax revenue in the state has been used to support Colorado’s public school system. In 2021, Colorado raked in $423 million in cannabis tax dollars.
Other states are observing similar trends in increased tax and sales revenue as more states across the country legalize marijuana for medical and/or adult use. For instance, the state of Illinois has also recorded increases in its marijuana taxes, with figures showing that it collected roughly $100 million more from adult-use cannabis than alcohol last year.
Massachusetts state data released in January also shows that the state is collecting more tax revenue from cannabis than from alcohol. As of December 2021, Massachusetts had collected about $74 million from marijuana and $51 million from alcohol taxes, at the halfway point of the fiscal year. Overall, this state has recorded roughly $2.5 billion in adult-use cannabis purchases, since its market came online in 2018.
In Arizona, state officials reported in January that the state recorded more than $1.2 billion in marijuana purchases in the first eleven months of last year.
A report released by the Marijuana Policy Project shows that states which have legalized cannabis have collected more than $10 billion in marijuana tax revenue since licensed sales began in 2014. The report highlights that regulators in these adult-use states have been ensuring that the tax dollars are invested effectively. Those tax revenue statistics show that the marijuana industry together with its sector players such as American Cannabis Partners are living up to the expectation that the industry can be an instrumental factor in reviving or boosting economies.
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