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Colorado's marijuana industry hits another milestone: $1 billion in tax revenue

Posted: 12:27 PM, Jun 14, 2019
Updated: 2019-06-14 17:27:13Z
Colorado's marijuana industry hits another milestone: $1 billion in tax revenue

The Colorado marijuana industry has now resulted in more than $1 billion in revenue for the state, the Colorado Department of Revenue announced this week.

Revenue from marijuana taxes, licenses and fees hit just over $1.02 billion, according to the department's latest monthly report.

Marijuana sales have hit a total of $6.56 billion , an average of more than $1 billion per year since marijuana sales began in 2014. Colorado has 2,917 licensed marijuana businesses and 41,076 people who are licensed to work in the industry.

Marijuana tax revenue – which goes toward an array of state services, including educational programs and health and human services – has grown each year since 2014, when about $67 million was collected. That number jumped to $130 million in 2015; $193 million in 2016; $247 million in 2017 and $266 million in 2018.

This year, through May, the marijuana revenue is at more than $111 million.