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Colorado: First Month Of Legal Marijuana Sales Yields $3.5 Million In Taxes And Fees

  • by Paul Armentano, NORML Deputy Director March 12, 2014

    Retail sales of cannabis in the month of January yielded an estimated $3.5 million dollars in state tax revenues, according to financial data released online this week by the Colorado Department of Revenue.

    Under Colorado law, commercial cannabis producers must pay a 15 percent excise tax, while retail customers must pay an additional ten percent sales tax (on top of the state’s existing 2.9 percent sales tax) on any cannabis purchased at a licensed facility. The majority of Colorado voters approved the imposition of cannabis-specific taxes (Proposition AA) in November 2013.

    For the month, customers spent an estimated $14 million on the purchase of marijuana and cannabis-infused goods at state-licensed facilities. This figure is anticipated to grow larger as more and more facilities become operational.

    State law authorized the retail sale of cannabis beginning on January 1st to those age 21 or older. At that time, only 24 retailers were operational. By month’s end, nearly 60 facilities were up and running. Presently, over 150 licensed facilities are operational.

    Similarly licensed retail operations are anticipated to be operational in Washington by this summer.

    8 Responses to “Colorado: First Month Of Legal Marijuana Sales Yields $3.5 Million In Taxes And Fees”

    1. Galileo Galilei says:

      $Money! We got the prohibitionists by their little cojones now.

    2. Ray says:

      Free the banks to work with this industry. Better yet get the post office involved with shipping legally as soon as possible (They really missed out on that email thing). They can ask if I’m shipping weed, I say yes, the post office charges me a small fee, no one else cares.

    3. Real says:

      I guess the rest of the states are run by a bunch of lazy ignorant idiots…what state doesn’t want $$$$????

    4. Justin says:

      I just want to look at all the legislators who read this article and want on the band wagon and say to them, “DUHH!!!! We have been saying this for years now! What better way to stimulate consumer spending and generate taxes?!”
      Everybody smokes it anyway. Might as well get with the program remaining 48 governors.

    5. chris says:

      probably should build a big wall around your state before its to late…….Im so glad to see your doing well and living well,
      wish the rest of the USA would get a damn grip and see that people who use cannabis are the everyday life people they see and work around and enjoy eveyday……

      good luck colorado…….there is alot of other states watching your every move……

      as always thanks
      for reading
      chris

    6. gene guinn says:

      must unite agenst higher future prices

    7. Denny Strausser Jr says:

      Please people, stop complaining about the high prices. As cannabis slowly becomes legal, prices should eventually come down. Hopefully, they erect someone here in PA, compassionate for at least medical purposes, to take it one step closer to legalization. I want to see it legal everywhere.

      It will come down in price eventually for Colorado too, it’s just a matter of time.

      Way To Go Colorado!!

    8. Anonymous says:

      I said erect. LOLOLOLOL

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