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Home»Business & Industry»Cannabis Tax Revenues Outpace Other ‘Sin’ Taxes in Colorado
Business & Industry

Cannabis Tax Revenues Outpace Other ‘Sin’ Taxes in Colorado

August 21, 2023Updated:December 6, 2024No Comments2 Mins Read
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Cannabis Tax Revenues Outpace Other ‘Sin’ Taxes in Colorado
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Hashish tax revenues in Colorado are outpacing these of cigarettes, and different tobacco and nicotine merchandise, and alcohol, in line with an August 16 analysis from the Colorado Legislative Council Employees (LCS). Within the 2022-2023 fiscal yr, Colorado collected $282.3 million in hashish tax income, in comparison with $233.9 million from cigarettes, $60.5 million from tobacco merchandise, $56.4 million from nicotine merchandise, and $56.1 million from alcohol. 

Grownup-use hashish gross sales within the state carry a 15% excise tax, 15% particular gross sales tax, and a pair of.9% basic gross sales tax; the final gross sales tax additionally applies to medical hashish gross sales.  

Colorado hashish taxes are used for numerous applications, together with:  

  • $55.9 million for varsity building; 
  • $52.4 million for varsity funding; 
  • $30.7 million for the final fund; 
  • $21.9 million acquired native governments; 
  • $16.6 million for substance use dysfunction companies; 
  • $15.3 million for inexpensive housing building grants and loans; 
  • $15 million for varsity well being and professionals grant program;  
  • $6.1 million for psychological well being companies;  
  • $4.4 million to fight the illicit market and for the state toxicology lab;  
  • $1.2 million for pesticide management; 
  • $1.1 million for a hashish impaired driving consciousness marketing campaign;  
  • $1 million for varsity bullying prevention and schooling. 

Moreover, the revenues are distributed amongst state companies together with: 

  • $57.5 million for the Division of Human Companies; 
  • $23.6 million for the Division of Public Well being and Atmosphere; 
  • $17.5 million for the Division of Native Affairs 
  • $11 million for the Division of Greater Schooling; 
  • $7.6 million for the Division of Public Security; 
  • $14.1 million for “different,” which incorporates numerous smaller companies.

The state has seen its cannabis-derived tax revenues from their fiscal yr 2020-2021 peak of $425 million to $366 million in fiscal yr 2021-2022 and $282 million in fiscal yr 2022-2023.  

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