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Colorado made $2 million from recreational marijuana taxes in first month

By Kyle Johnson,

After marijuana sales became legal on Jan. 1, Colorado made $2 million off taxes from just recreational users in the first month.

Despite purchases being limited to only one ounce for those 21 and older, the state still did very well, reports CNN. Recreational marijuana has a 15 percent excise tax, 10 percent special sales tax and 2.9 percent sales tax in the state.

Part of the tax money is being spent in an effort to convince kids to avoid smoking pot through prevention campaigns, treatment programs and more.

When medical marijuana taxes are added in, Colorado walked away with $3.5 million, according to AFP, though $600,000 of that came through licensing fees.

The first month, according to tax department head Barbara Brohl, "fell in line with expectations."

The Rocky Mountain state noted that it will be interesting to see how much keeps coming in after the initial demand and as more stores begin to open. Only 24 stores were ready to sell by the start of the year, though many are on their way.

Brohl noted, "We expect clear revenue patterns will emerge by April and plan to incorporate this data into future forecasts."

 

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