Colorado Raises more Money from Marijuana Tax than from Alcohol Tax
Colorado’s legalization of recreational marijuana has proved more lucrative for the state than alcohol sales.
The Colorado Department of Revenue has reported that it collected nearly $70 million in marijuana taxes during the 2014-2015 fiscal year. Alcohol taxes generated less than $42 million during that period.
The state made so much money from marijuana taxes that it was required by law to have a tax “holiday,” during which pot sales would not be taxed. The holiday last Wednesday could end up costing the state $4 million, according to The Denver Post.
“Marijuana taxes have been incredibly productive over the past year, so this tax holiday is a much-deserved day off,” Mason Tvert, director of communications for the Marijuana Policy Project and a co-director of the campaign in support of the 2012 initiative that led to the decriminalization of cannabis, said in a press release.
“This will be the one day out of the year when the state won’t generate significant revenue. Over the other 364 days, it will bring in tens of millions of dollars that will be reinvested in our state,” Tvert said.
The holiday even drew attention from rapper Snoop Dogg. “In honor of it being an incredible year for the movement, I would like to wish you a happy tax holiday,” Snoop said in a video directed at Coloradans. “I love seeing the positive impact of the cannabis business in your beautiful state.”
-Noel Brinkerhoff, Steve Straehley
To Learn More:
Marijuana Brings More Tax Dollars Than Alcohol (by Amy Gillentine, Colorado Springs Business Journal)
Colorado Generates More Tax Revenue from Marijuana Than From Alcohol (by Mike Adams, High Times)
Colorado’s Marijuana Tax Holiday Saves Growers Tens of Thousands of Dollars (by Jesse Paul, Denver Post)
Colorado Raised More Tax Revenue From Marijuana Than From Alcohol (by Tanya Basu, TIME)
Legal Marijuana Growers and Sellers Forced to Pay more Federal Taxes than other Industries (by Noel Brinkerhoff and Danny Biederman, AllGov)
- Top Stories
- Unusual News
- Where is the Money Going?
- U.S. and the World
- Appointments and Resignations
- Latest News
- Managing Director of the Council on Environmental Quality: Who Is Christy Goldfuss?
- Executive Director of the Office of Faith-Based and Neighborhood Partnerships: Who Is Melissa Rogers?
- Principal Deputy Director of the United States Mint: Who Is Rhett Jeppson?
- Coordinator of the Bureau of International Information Programs: Who is Macon Phillips?
- Acting Under Secretary of the Veterans Benefits Administration: Who Is Tom Murphy?