Colorado Just Became The First State In History To Collect More Taxes From Marijuana Than Alcohol

COLORADO: No state has ever generated more tax revenue from marijuana than alcohol—until now.

The Colorado Department of Revenue, according to recently released figures, just brought in $70 million in taxes relating to marijuana, compared to less than $42 million for alcohol taxes, over the course of a year.

This Wednesday, Colorado is declaring a marijuana tax holiday, meaning that for a single day, taxes on marijuana items will be suspended.

Colorado Lawmakers Begin Work On Marijuana Tax Refund Proposal

COLORADO:  Just recently, Colorado lawmakers realized that they may have to return a large quantity of the tax revenue they received from cannabis sales. The state made around $76 million in the very first year of legal marijuana, which had been allocated for use by the state to repair schools and fund important educational programs and improvement projects. However, due to a strange legal happenstance they are being forced to return almost $58 million of tax revenue to the taxpayers and marijuana growers of the state.

This rather bizarre legal quandary has forced Colorado lawmakers to scramble to find an answer to the solution, as they obviously don’t want to see a large sum of the state’s tax income that was allocated to be used to fund schools and other projects simply be returned. In order to keep the solution to this matter as fair as possible to the taxpayers, the state legislature has decided to let the voters decide whether to let the state keep the money or to have it returned to them via a tax refund.

Democratic Senator Pat Steadman and a group of bi-partisan lawmakers will begin this preparing a ballot measure that will ask voters to allow the state to keep the tax refund. The measure itself, titled House Bill 15-1367, explains in detail how the tax revenue money will be allocated and spent if the state government is allowed to keep it. Additionally, it outlines how the money will be refunded to the taxpayers and marijuana growers if the voters decide that they want the money to be returned.

Colorado Collects More Than $20 Million From Marijuana Sales

COLORADO:  Colorado raked in nearly $22 million from marijuana taxes, licenses and fees in the first three months of recreational pot sales, according to state Department of Revenue data released Thursday.

Sales of recreational marijuana were nearly $19 million in March, up nearly one-third from about $14 million in February, according to state figures.

The state has reaped $7.3 million from recreational marijuana taxes alone in the first three months since the first legal sales began on Jan.1.

Despite the historic law, medical marijuana — legal in Colorado for years — continues to vastly outsell recreational pot. March medical marijuana sales were about $34 million.