$6 billion in Colorado marijuana sales since 2014 according to report

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DENVER (KKTV) - As of Tuesday, marijuana sales have exceeded $6 billion according to a report released by the Colorado Department of Revenue.

Click here for the monthly marijuana sales and marijuana tax data reports from the department of revenue.

An overview of the report breaks down several areas when it comes to sales:

Marijuana Tax, License and Fee Revenue (for both medical and adult-use):

-In calendar year 2018, marijuana tax, license and fee revenue topped $266.5 million.

-This compares to over $247 million in calendar year 2017.

-To date, marijuana tax, license and fee revenue totals over $927 million since adult-use marijuana sales began on January 1, 2014. This figure includes revenue for January 2019.

Marijuana Sales (for both medical and adult-use):

-In calendar year 2018, marijuana sales once again topped $1.5 billion (specifically over $1.55 billion).

-This compares to just over $1.5 billion in calendar year 2017.

-To date, marijuana sales have surpassed $6 billion since January 1, 2014.

Colorado voters in 2012 approved a constitutional amendment broadly permitting the sale and use of marijuana for adults. Sales began in 2014.

WHERE DOES THE TAX REVENUE FROM MARIJUANA GO?

The following information on the disposition of retail marijuana excise tax is from the Colorado Department of Revenue:

-For Fiscal Year (FY) 2017-18*, the first $40M of the Retail Marijuana Excise Tax revenue was distributed to the Public School Capital Construction Assistance Fund (PSCCAF) administered by the Colorado Department of Education's Building Excellent Schools Today (BEST) program. Excise tax collections in excess of $40M, $27.8M for FY 2017-18, were transferred to the Public School Fund.

-For FY 2016-17, the first $40M of the Retail Marijuana Excise Tax revenue was distributed to the administered by the PSCCAF. Excise tax collections in excess of $40M, $31.6M for FY 2016-17, were transferred to the Public School Fund.

-For FY 2015-16, the first $40M of the Retail Marijuana Excise Tax revenue was distributed to the PSCCAF. Excise tax collections in excess of $40M, $2.5M for FY 2015-16, were transferred to the Public School Fund.

-Starting FY2018-2019, pursuant to HB18-1070, the greater of $40M or 90 percent of excise tax revenue will be credited to the PSCCAF. Any excess will be transferred to the Public School Fund.

Click here for more information from the Colorado Department of Revenue on the disposition of marijuana tax revenue.