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Colorado Marijuana Taxes Net State $2 Million

March 11th

Colorado made roughly $2 million in marijuana taxes in January, state revenue officials reported Monday in the world’s first accounting of the recreational pot business.

The tax total reported 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.

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

The pot taxes come from 12.9 percent sales taxes and 15 percent excise taxes. Voters approved the pot taxes last year. They declared that the first $40 million of the excise tax must go to school construction; the rest will be spent by state lawmakers.

Colorado has about 160 state-licensed recreational marijuana stores, though local licensing kept some from opening in January. Local governments also have the ability to levy additional pot sales taxes if they wish.

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