Colorado Garnered Over $3.5 Million in Taxes From Recreational Cannabis in April
Colorado earned over $3.5 million in taxes from recreational cannabis sales in the month of April, the largest intake of taxes yet from the newly legal industry.
In total, there was more than $22 million worth of recreational cannabis products sold in April, compared with $31 million worth of medical cannabis products. In total, recreational cannabis sales have brought in roughly $11 million in taxes in 2014; medical cannabis has brought in around $18 million.
Of the $3.5 million in taxes made from recreational cannabis sales in April, over $700,000 is being placed into a school construction fund, $1.8 million is being distributed among local jurisdictions and the remainder is being placed in the state’s Marijuana Cash Fund.
These numbers are based on a report released yesterday by the state’s Office of Research and Analysis, which used data from the Colorado Department of Revenue.