Legal cannabis has become a huge market in Colorado, with nearly $900 million purchased between January and November of last year, according to the state’s Department of Revenue; final year-end sales data won’t be released until mid-February.
In total, there was $894,865,100 worth of legal cannabis purchased in Colorado in the first 11 months of 2015, resulting in over $100 million in taxes for the state. By comparison, there was $699,198,805 in cannabis sold during all of 2014, resulting in roughly $75 million in new state taxes.
In Colorado, due to the passage of Amendment 64 in 2012, it’s legal for those 21 and older to possess and use up to an ounce of cannabis, with cannabis retail outlets authorized to sell the plant. The state has three types of taxes on recreational cannabis; a standard 2.9% sales tax, a 10% special cannabis sales tax, and a 15% excise tax on wholesale cannabis transfers.