It was a big week for the state of Colorado. The state, which was the first to legalize recreational marijuana, just made half a billion dollars in taxes and fees since legalizing recreational marijuana.
According to VP Strategies, Colorado has made $506 million since the retail sale of recreational marijuana became legal in January of 2014. This also includes the tax and fees made from medical marijuana which was legalized in 2000, but a big chunk was from recreational sales.
In 2014, Colorado saw $76 million in revenue from taxes an fees an by 2016, this number increased to $200 million.
VS Strategies has said that the state is even on track to beat last year’s number this year and the most of the revenues made have been spent on schools.
Colorado has a 2.9% sales tax on medical marijuana and a 2.9% sales on recreational marijuana as well plus an excise tax of 15% and a special sales tax of 10%. Also added are license and application fees.
