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During the first five months of 2015, Colorado’s marijuana-funded excise tax collected more money than it did during all of 2014. This revenue is collected and earmarked for school construction projects. The recent growth in the amount of tax revenue collected has excited lawmakers and industry participants.
Colorado Democratic Senator Pat Steadman said, “It sounds very encouraging. Voters wanted the school capital construction program to benefit, and despite some bumps in the road at the beginning, it looks like what was intended is coming to fruition.”
Three types of state taxes on recreational marijuana
There are three types of state taxes on recreational marijuana: the standard 2.9% sales tax, a 10% special marijuana sales tax and a 15% excise tax on wholesale marijuana transfers.
The money from the excise tax has grown to $3.5 million in May from $2.5 million in March. During 2015, the excise tax brought in $13.6 million. Last year, the same tax drew in just $13.3 million. Analysts attributed the growth primarily to the increased number of marijuana stores in the state.
- May 2015: $11,326,452
- April 2015: $10,617,311
- March 2015: $9,979,643
- February 2015: $9,099,395
- January 2015: $8,802,295
Recreational marijuana sales plateau
New marijuana tax data lead us to believe that recreational marijuana sales in Colorado plateaued in spring 2015. Retail sales fluctuated between $42.4 and $42.7 million during March and May. The state recorded its highest medical marijuana sales since last October, totaling $32.4 million.
We will continue to monitor this development and keep you updated on important state and industry developments!
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