It’s been a good tax year for the state of Colorado.
Colorado, having celebrated a marijuana tax holiday this past Wednesday, collected $70 million in marijuana-related taxes over the past fiscal year, compared to just $42 million in alcohol-related taxes, according to the Colorado Department of Revenue.
“Marijuana taxes have been incredibly productive over the past year, so this tax holiday is a much-deserved day off,” said Mason Tvert, director of communications for the Marijuana Policy Project, per the Colorado Springs Business Journal. “This will be the one day out of the year when the state won’t generate significant revenue. Over the other 364 days, it will bring in tens of millions of dollars that will be reinvested in our state.”
Part of the reason for the profitable marijuana taxation total lies in the high sales tax on Marijuana in the state of Colorado, including 10% retail tax on marijuana and 15% excise tax.
Marijuana use has grown increasingly popular in recent years, thanks to the legalization of it in several states.
A recent study published by University of Michigan researchers has shown an increased cannabis use among teens and college students, coinciding with a declining rate of alcohol and tobacco usage.
According to the stiudy, In fact, for the first time ever, the rate of daily cannabis use has surpassed the rate of daily cigarette use for the first time ever.