Legal Marijuana States Collect Over $200 Million In New Tax Revenue

Legal Marijuana States Collect Over $200 Million In New Tax Revenue

Denver, CO: Taxes on the legal production and sale of cannabis in the states of Colorado and Washington have yielded over $200 million in new revenue since going into effect in 2014, an assessment by The Huffington Post reports.

Retails sales of cannabis began in Colorado on January 1, 2014. Since then, regulators have collected an estimate $117 million in marijuana-related tax revenue. An estimated $24 million of this total has been designated for public school construction funding while another $8 million is being used to fund clinical studies of cannabis’s efficacy.

Washington initiated retail sales of cannabis on July 1, 2014. To date, the state has collected about $83 million in tax revenue.

Retail sales of cannabis to those over the age of 21 will begin in Oregon on October 1, 2015.

For more information, please contact Allen St. Pierre, NORML Executive Director, at (202) 483-5500.