Colorado legal weed sales top $14 million in first month
Cheri Hackett, co-owner of BotanaCare, carries bags of the company's sample packs of various strains of marijuana in Northglenn, Colo. REUTERS/Rick Wilking Image by REUTERS
Just how much did Colorado, the first state to legalize recreational marijuana, sell in the first month of sales? A whopping $14 million, including $2 million in taxes.
According to the Associated Press and the International Business Times, "This is the first official report on the actual tax revenue Colorado has generated from recreational pot sales. The state estimates that total recreational and medical marijuana sales will top $600 million in the next fiscal year. Colorado has a 12.9 percent sales tax and 15 percent excise tax on recreational marijuana sales."
As a whole, Colorado made $3.5 million in January including taxes, and store licensing and application fees.
The first $40 million raised in excise tax revenue will benefit Colorado public schools. New underage prevention and/or treatment programs are also being considered.
"There are two major factors that skew the January numbers. First off, numbers for January were boosted by the droves of marijuana enthusiasts who came from far and wide to take part in the first legal marijuana sales in U.S. history," further reports the International Business Times. "While Colorado could very well become the pot smoker's No. 1 tourism destination, the number of sales per store should level off at some point."
Colorado's government expects to accumulate an estimated $35 million by June 30 (the end of the state's fiscal year).