Colorado Tax Revenue for Recreational Marijuana Lower Than Expected

Colorado Tax Revenue for Recreational Marijuana Lower Than Expected

Mar 23, 2015

Client Alert

Brownstein Client Alert, March 23, 2015

Last month, the Colorado Department of Revenue released the December sales tax data for recreational marijuana, bringing the total for Colorado’s first full calendar year of taxes on recreational marijuana to about $44 million. This amount was significantly below the initial forecast of $70 million.

Adding medical marijuana numbers, the total amount of fees and tax revenue generated by Colorado from the sale of both medical and recreational marijuana was in 2014 approximately $76 million. This amount includes licensing and application fees imposed on marijuana industry participants, as well as preexisting sales taxes on medical marijuana products. The total amount of taxes and fees associated with medical sales was nearly $20 million.

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