Weed is officially bringing in more tax revenue for Colorado than its other “vice” industries, namely alcohol and tobacco.
According to state data, Colorado raked in $282.3 million in marijuana tax revenue during the 2022-23 fiscal. For comparison, the state also collected about $50 million from cigarette taxes and more than $226 million for alcohol sales, local news outlet KDVR reported.
Altogether, booze and cigarettes together brought in about $290 million, which means cannabis, by itself, is collecting nearly as much taxes as these other two staple intoxicants.
The same state report noted that 37% of that cannabis tax revenue went toward K-12 education. Ironically, despite the funding infusion from Colorado’s weed, the state’s new pre-kindergarten education program says it remains short of what it needs to include all qualifying students.
Colorado ranks near the bottom for K-12 education funding compared to the rest of the US, ranking anywhere from 39th to 47th in the nation.