As reported by John Ingold of the Denver Post. Colorado collected slightly more than $2 million in taxes on the sale of recreational marijuana in the month of January, according to new figures released by the state Monday.
The numbers are the first official tallies of the historic January sales, themselves a nationwide first.
In January, Colorado collected $1.4 million from a special 10 percent sales tax on recreational marijuana, plus another$416,690 from the state’s standard 2.9 percent sales tax, according to a news release Monday from the Colorado Department of Revenue. Extrapolating from those figures, recreational marijuana businesses did slightly more than $14 million in retail sales during the month.
Most of the tax revenue came from stores in Denver, and the city reported it collected $616,282 in local sales taxes from recreational marijuana sales in January. In addition, the state will share $128,586 with the city from statewide collections.
Recreational marijuana businesses paid $195,318 in excise tax during January, which will be put toward school construction.
In total, 59 recreational marijuana businesses filed returns in January.
William Veve, President of Verde Media Group, Inc. stated, “Again the business landscape in the legal marijuana market is validated by significant collection of tax revenue.”