In Colorado, revenue predictions were reduced by the governor during the first year of sales. But revenues “now greatly exceed original estimates of $70 million per year,”according to a 2016 analysis from the Tax Foundation. Information from the Colorado Department of Revenue shows that marijuana tax revenues have increased steadily, and in fiscal 2018, the state collected $263.8 million.
In Washington, retail sales began in July 2014, and from the start, tax receipts exceeded expectations, according to the state’s Economic and Revenue Forecast. In fiscal 2018, the state had brought in $367 million in cannabis license fees and taxes, up from $319 million in 2017, $189 million in 2016, and $65.7 million in 2015, according to annual reports from the Washington State Liquor and Cannabis Board.
In California, legalization of recreational marijuana took effect in 2018. The state fell short of its estimates by $101 million during the first six months, according to a report from the state’s Legislative Analyst’s Office.
In Alaska, the first legal sales of recreational marijuana took place in fiscal year 2017, and collections of $1.7 million “did not meet projections because licensing took longer than expected,” according to the Alaska Department of Revenue. However, the story doesn’t end there. “After a slow start, this new industry has grown rapidly, and ... the marijuana tax is now generating over $1 million per month in revenue for the state,” according to a state revenue report published in December 2018.
In Oregon, revenues from recreational marijuana have been “substantially higher” than estimates when the measure was on the ballot, according to Joshua Lehner, an economist with the state’s Office of Economic Analysis.
In Nevada, the state brought in 140 percent of the revenue it expected during the first full year of legalization, according to the state’s Department of Taxation.