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Colorado raises $2.1M in recreational pot taxes

Colorado is rolling in the (cookie) dough.
By Gabrielle Levy   |   March 10, 2014 at 6:13 PM   |   Comments

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March 10 (UPI) -- Colorado is rolling in the (cookie) dough.

The tax figures are in, and in the first month of recreational pot sales, the state pulled in $2.1 million in tax revenue and fees, plus an additional $1.4 million from medical marijuana.

Figures published by the state Department of Revenue show $14 million worth of pot was sold in January, the first month Colorado's first-in-the-nation law legalizing marijuana for recreational use was in effect.

"This is revenue directly out of the hands of cartels," said Brian Vicente, who helped pass the law. "These tax numbers will probably grow over time, but since it's a new market, will have to wait and see."

January's numbers were skewed downward, thanks to the small number of stores ready to do business on day one, but skewed up as customers rushed to be among the first to buy their weed legally.

The office of Gov. John Hickenlooper predicted total taxes and fees would exceed $35 million by June and $188 million in the fiscal year beginning July.

The law, passed by voters in November, requires the first $40 million raised to go to school construction and improvement.

[9News]

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