Colorado Collects $2M in Recreational Pot Taxes

Monday, 10 Mar 2014 05:35 PM

 

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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.

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.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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