Denver, CO: State tax revenues derived from the retail sale of cannabis products continue to surpass those gained from the sale of alcohol and cigarettes, according to data provided by the Colorado government.
For fiscal year 2022-2023, marijuana tax revenue totaled over $282 million dollars. By comparison, taxes generated by alcohol totaled just over $56 million; taxes generated by the sale of cigarettes totaled approximately $234 million. (Cannabis products are subject to a higher excise tax rate than are either alcohol and cigarettes, and they are also subject to an additional 15 percent “special” sales tax rate.)
According to the report, about $60 million of marijuana-related tax revenue was directed toward public school construction, while another $25 million went toward the State Public School Fund.
The report excluded revenue generated from the imposition of locally imposed taxes.
According to calculations provided earlier this year by the Marijuana Policy Project, tax revenues derived from licensed retail sales of state-legal, adult-use cannabis products totaled approximately $3.8 billion in 2022. Since 2014, retail sales of adult-use cannabis products have generated $15.1 billion dollars.
Full text of the report, “Marijuana Revenue in the State Budget,” is available from the Colorado General Assembly.