Colorado Collects $2M in Recreational Pot Taxes

hi tax payers

Black America Web

DENVER (AP) — 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 from 59 businesses. 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. Including licensing fees and taxes from Colorado’s pre-existing medical marijuana industry, the state collected about $3.5 million from the marijuana industry in January.

That’s a relative drop in the bucket for Colorado’s roughly $20 billion annual budget, but still a windfall that has numerous interests holding out their hands. By comparison, Colorado made about $2.7 million…

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