One month = $2 million in Colorado’s marijuana-tax coffers
Pot is profitable , perhaps to barely anyone’s surprise, but the state of Colorado has hotly anticipated figures stemming from the state’s newly implemented marijuana laws.
Sales of retail recreational pot were roughly $14.02 million in January, which in turn, ushered in about $2 million in tax revenue , according to a report from the Colorado Department of Revenue. Colorado is the first state in the U.S. to begin legal sales of recreational pot. Sales in Washington state are expected to start in June or July.
The sale of marijuana for recreational use went into effect on Jan. 1 in Colorado, where Denver’s alternative Westword Magazine included “Bleu Cheese” and “Bubblegum” on its list of the top 10 marijuana strains of 2013.
The total take from marijuana-industry taxes, licenses and fees was $3.5 million for the month. Officials in the Centennial State reportedly said the numbers for January were in line with their expectations. Medical marijuana sales, which have been legal since 2000, brought in $900,000 in taxes last month.
As is the case when tax money rolls in, the powers-that-be will wrangle over its allocation. The first $40 million from the 15% excise tax is slated for school construction. Meanwhile, Colorado Gov. John Hickenlooper expects the state to rake in $134 billion from the cannabis industry in the next fiscal year, and wants a large chunk of the money to go to anti-drug programs for young people.
So, who are the tax-cash folks to watch?
http://blogs.marketwatch.com/themargin/2014/0...x-coffers/
