Colorado collects $2M in recreational pot taxes

By: Associated Press Email
By: Associated Press Email

DENVER (AP) In the world's first accounting of a recreational pot industry, Colorado officials say the state has made roughly $2 million in marijuana taxes in January, the first month of sales.

Overall, Colorado collected roughly $3.5 million in total revenue. Approximately $500,000 of that money came from medical and recreational marijuana fees, such as retail licenses.

From the $2.9 million left, roughly $900,000 came from the 2.9% medical marijuana sales tax, leaving approximately $2 million in strictly tax revenue from recreational marijuana sales.

The tax total reported Monday by the state Department of Revenue indicates $14.02 million worth of recreational pot was sold. The state collected roughly $2.01 million in taxes.

The state legalized pot in 2012, but the commercial sale of marijuana didn't begin until January. Washington state sales begin in the coming months.

The taxes come from 12.9 percent sales taxes and 15 percent excise taxes. Voters approved the pot taxes last year. The first $40 million of the excise tax must go to school construction.

Colorado has about 160 state-licensed recreational marijuana stores, though not all were open in January.

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