Colorado collects $2M in recreational pot taxes

[Omaha Steve]

Source: AP-Excite

By KRISTEN WYATT

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. 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.

FULL story at link.


Read more: http://apnews.excite.com/article/20140310/DACF2TTG0.html

[Comrade Grumpy]

1. That's just from the first month of legal weed. n/t

[daleo]

2. Plus, they can save ten times that much on prison costs

Add a tax on munchies and there you go.

[jsr]

3. Yep.

[Bandit]

4. 12.9% sales tax... Must be Republican controlled state.

I can only hope that medicine and unprepared food are not taxed. This is so damn regressive...

[bitchkitty]

5. Oregon, please take note. n/t