colorados marijuana tax brought in more revenue than alcohol or cigarettes last year new state report shows

Colorado’s Marijuana Tax Brought In More Revenue Than Alcohol Or Cigarettes Last Year, New State Report Shows

The government of Colorado seems to be onto something: the state’s legal marijuana tax has out-earned cigarettes and alcohol taxes over the past year. According to a new official report released by the state of Colorado, their legal marijuana tax brought in more revenue than taxes from alcohol and tobacco products. This could show a brand new direction for the state’s financial outlook.

1. Colorado’s Cannabis Contribution: Marijuana Tax Outshines Alcohol and Cigarettes

In 2017, Colorado made history when it became the first US state to surpass $1 billion in total marijuana sales. According to the state’s Department of Revenue, more than $266 million of that came from marijuana excise and sales taxes. This staggering sum is more than alcohol and cigarettes put together.

Colorado’s marijuana industry is reportedly bigger than ever; the money it brings in goes to vital infrastructure projects including schools, housing, and public health initiatives. The following are just a few of the positives the marijuana industry has brought to the state:

  • Over $500 million in marijuana-related taxes have been collected since 2014.
  • Hundreds of jobs created, providing an economic boost for local communities.
  • Marijuana sales are directly responsible for an increase in the state’s overall revenue.

As more and more legalized states spring up, marijuana stands to become an even larger force for positive change in the future. Colorado’s skyrocketing sales prove the contrary, in that the weed industry is bigger and better than ever before.

2. Surprising Statistics: Marijuana Tax Revenues Surpass Other Major Industries

Marijuana tax revenues have become big business. Revenue from taxes on legal marijuana sales has surpassed major industries such as alcohol and tobacco. This is largely due to the growing popularity of legalization of marijuana across the US. It is likely to only increase in the upcoming years.

Here are some of the surprising facts about marijuana tax revenues:

  • In 2019, legal marijuana sales in the US were estimated to reach up to $15 billion. This was an increase of 27% from 2018.
  • States across the US are seeing more success in marijuana tax revenues than other major industries. In California, marijuana tax revenues topped $1 billion in 2019.
  • It’s estimated that marijuana tax revenues have the potential to exceed $30 billion by 2025.

These statistics suggest that marijuana legalization is proving to be a major source of income for states across the US. With numerous states legalizing cannabis, it is likely that these revenues will continue to increase.

3. Tax Revenues Skyrocket: Colorado Enjoys High Tax Returns from Marijuana

Colorado has found itself in a lucrative situation with its recent embrace of the marijuana industry. Tax revenues are skyrocketing thanks to this innovative move into what has been viewed as a previously illicit marketplace. Now, the state is cashing in to the tune of millions of dollars.

The taxes are rolling in from marijuana sales, cultivation and licensing fees. This money is helping the state to balance its budget and fund a wide variety of public service works. Everything from public parks and playgrounds to the new road and bridge construction projects are benefiting from the marijuana tax revenue. The taxes are being used to improve everyday life, which is part of the reason why legalization has been such a success.

  • Taxes from marijuana sales, cultivation and licensing fees are on the rise
  • Tax revenue is balancing the state budget and funding public services such as parks, playgrounds and construction
  • Colorado is enjoying increased financial gains from marijuana industry

4. The Cannabis Conundrum: Exploring the Potential of Marijuana Tax Returns

Cannabis legalization has been a controversial topic throughout the world. Despite the political debates, the potential for marijuana tax revenue in many states has many pundits weighing in on the argument.

The Upside
Marijuana tax returns could be a major boon for state governments. To illustrate this potential – California alone could realize a whopping $643 million annually in tax revenue according to the California Board of Equalization.

  • This would be derived from an expected $2.7 billion in cannabis sales
  • Cannabis-related local tax revenue would also be generated in areas where marijuana commerce is legally permissible.

The other upside of marijuana taxes is that, by their very nature, they avoid penalizing users. Instead, this legislation targets producers, manufacturers, distributors, and retailers, thus making it easily enforced. It is also difficult to avoid, as tracking businesses and purchases are much clearer than that of individual use.

It’s evident that marijuana tax laws could potentially bring in new, much-needed dollars to state economies ifLooking at the potential for tax revenues, it’s easy to see why the legalization of cannabis continues to be a hot-button topic in many states.
carefully crafted and implemented.

With Colorado set to bring in its fourth successive year of marijuana tax receipts, the figures prove just how far the state has come in its use of proceeds from the drug. Revenues from the drug show no sign of slowing down and the state looks forward to future benefits the drug can bring. It is evident that marijuana has cemented its role in the state’s economic economy.





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