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First Time Ever - A State Generates More Annual Tax Revenue From Marijuana Than From Alcohol

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Submitted by Marijuana News on Tue, 09/15/2015 - 15:07

For the first time in history, a state has generated more annual revenue from taxes imposed on marijuana than from taxes imposed on alcohol. According to the Colorado Department of Revenue, the state collected nearly $70 million in marijuana-specific taxes and just under $42 million in alcohol-specific taxes from July 1, 2014 through June 30, 2015.

The news comes as Colorado prepares for a “marijuana tax holiday” on Wednesday, during which the state is suspending marijuana-specific taxes for one day.

“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 and a co-director of the campaign in support of the 2012 initiative to regulate and tax marijuana like alcohol in Colorado. “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...

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First Time Ever - A State Generates More Annual Tax Revenue From Marijuana Than From Alcohol
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