There was roughly $700 million in legal cannabis and cannabis products sold in Colorado in 2014, according to figures released by the state’s Department of Revenue. This has resulted in $76 million worth of taxes.
Of the $700 million sold, $386 million was for medical cannabis and $313 million was for recreational cannabis. This resulted in $76 million in taxes being brought in for the state; $44 million from recreational cannabis, and $32 million from medical cannabis.
In Colorado, the possession and distribution of up to an ounce of cannabis is legal for those 21 and older thanks to a citizen’s initiative – Amendment 64 – which was approved in 2012. Cannabis sales, however, didn’t begin until January 1st of last year.
According to the Department of Revenue, sales of cannabis-infused products made up 44% of sales on cannabis and cannabis products.