Colorado Earned $3.5 Million from Recreational Cannabis Taxes and Fees in January
New data released by the State of Colorado shows that over $3.5 million in tax revenue and licensing fees were garnered from recreational cannabis sales in January alone, the first month such sales were legal. This is the first official data released regarding legal cannabis sales in Colorado.
“The first month of sales for recreational marijuana fell in line with expectations,” says Barbara Brohl, Executive Director for the Department of Revenue. “We expect clear revenue patterns will emerge by April and plan to incorporate this data into future forecasts.”
Denver County by far brought in the highest tax revenue from legal cannabis sales with $985,407 ($728,651 through the voter-approved 10% special sales tax, and $256,756 from the 2.9 percent sales tax).; Summit County was the next highest with $145,581.
This revenue was earned from just 59 businesses. In total $14.02 million worth of recreational cannabis was sold.
The first $40 million earned in tax revenue from the new legal cannabis industry will go to school construction.