TIME Marijuana

Colorado Recreational Pot Purchases Add $2 Million to State Revenue

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The state of Colorado's collected $2 million in taxes on the approximately $14 million in recreational marijuana sales since the drug was legalized and regulated. Officials will use the windfall to build new schools and possibly for advertisements against driving while high

Colorado has collected a lot of green from the state’s foray into recreational pot sales. In January, the state collected about $2 million in taxes from the sale of approximately $14 million worth of marijuana, the State Department of Revenue reports.

“The first month of sales for recreational marijuana fell in line with expectations,” the Department of Revenue Executive Director Barbara Brohl said, as reported by Denver Channel. “We expect clear revenue patterns will emerge by April and plan to incorporate this data into future forecasts.”

In the state, where recreational marijuana has been sold since the year began, there is a 12.9% sales tax on pot as well as a 15% excise tax. Voters approved the taxes last year. The first $40 million of excise tax will reportedly fund school construction. The rest of the funds are to be spent at the discretion of state lawmakers, who are already facing an increased lobbying effort. Gov. Jon Hickenlooper sent a $134 million proposal to spend the marijuana revenue on anti-drug messaging and advertisements against driving while high, the Associated Press reports.

[AP]

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