Last fiscal year Colorado drew in nearly $70 million from marijuana tax revenues, according to TIME magazine. This is close to double the amount raised from alcohol.
Today weed smokers in Colorado were given a tax break, costing the state millions. Normally, customers are charged a 15 percent excise tax and a 10 percent retail tax.
“Marijuana taxes have been incredibly productive over the past year, so this tax holiday is a much-deserved day off,” Tvert said. “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.”
To read more about Colorado marijuana tax revenues check out the TIME article.