The newest figures released by Colorado’s Department of Revenue shows that January was Colorado’s biggest month yet in regards to the amount of recreational cannabis sold.
In total, there was $36.4 million worth of recreational cannabis purchased in January, resulting in over $3.6 million in excise taxes, which is being used primarily to increase the state’s public school funding.
“This is really what we expected and hope to see: a shift in the underground market to a regulated market,” says Mason Tvert, Communications Director for the Marijuana Policy Project, which spearheaded Colorado’s successful legalization campaign. “It’s clearly generating significant revenue for the state.”
According to the Department of Revenue, there was $700 million worth of legal cannabis sold in Colorado in 2014; $386 million for medical cannabis, and $314 million for recreational cannabis. This resulted in $76 million in taxes.