Tax revenues from Colorado’s cannabis industry have topped $1 billion since legalization, according to a new report released on Wednesday by Denver cannabis law firm Vicente Sederberg. The report details and analyzes fees and taxes collected by the Colorado Department of Revenue since the beginning of legal sales of cannabis for adult use on January 1, 2014. Colorado voters legalized possession and sales of recreational marijuana with the passage of Amendment 64 in 2012.
Taxes and fees collected by the Department of Revenue totaled $1.02 billion at the end of April, according to data from the agency. The figure “does not include hundreds of millions of dollars in additional cannabis related taxes and fees collected by local governments,” the report notes.
Since 2014, more than $6.56 billion in regulated cannabis sales have taken place in the state, including more than $4.46 billion in sales for adult use and nearly $2.1 billion in medical marijuana purchases.
Cannabis Taxes Support Education
More than $283 million of cannabis tax revenue has been dedicated to K-12 education, with a majority of the funds used to build new schools. Amendment 64 directed the state legislature to enact a tax on wholesale transfers of cannabis for