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Pot profit: Colorado collects $3.5 million from first marijuana sales

4 years ago38 views

Sales of recreational cannabis in Colorado, USA, have reaped more than $2.1 million (around 1.5 million euros) from tax revenues just one month after the drug’s legalisation, state figures revealed on Monday.

The result was in line with expectations, said the Colorado Department of Revenue on a statement. The figures add to over $1.4 million (around 1 million euros) collected in taxes and fees from the sales of medical weed in the same month, for a total of around $3.5 million (around 2.5 million euros) of state income generated by marijuana sales.

According to the department, the data for recreational marijuana also include revenues from:
•2.9 percent state sales tax
•special 10 percent tax on retail weed sales
•15 percent excise tax imposed on cultivators
•other licensing fees.

The statistics suggest the state-sanctioned Marijuana business generated about $14 million in gross sale for the month. Over the course of a year, the first $40 million of tax revenue is designated for