Colorado collected more money through marijuana tax and revenue than ever before in 2021, shattering the previous record by nearly 10%, according to the Colorado Department of Revenue.
During the year, the state collected over $423 million through medical and retail marijuana sales. This is over $36 million more than the previous record set in 2020, according to the report.
Tax revenue is collected through multiple sales taxes — 2.9% for medical and 15% for recreational — and a 15% excise tax on wholesale sales and transfers of retail marijuana. Fee revenue comes from marijuana license and application fees.
– Read the entire article at The Denver Gazette.