The state of Colorado decided to hold a special holiday Wednesday. There was no break from work or school, but there was a respite from another obligation: taxes on marijuana purchases. The state had a one-day holiday where sales of the drug wouldn’t be subject to state levies, and the pause was well-deserved.
Colorado, which legalized recreational marijuana in 2012, raked in nearly $70 million in tax revenue from marijuana transactions in the state between July 1, 2014, and June 30, 2015, according to data from the state’s revenue department reported by the Colorado Springs Business Journal. That’s almost double the tax revenue generated by alcohol sales during the same period of time, which came out short of $42 million:
This marks the first time that a state has made more money from annual tax revenue from marijuana than alcohol, according to the Marijuana Policy Project.
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